Connecticut Foreclosure Activity Up in Third Quarter

Total foreclosure filings up 69 percent from Q2, Up 10 percent from Q3 2008.

 

Connecticut reported 5,113 properties with foreclosure filings in the third quarter of 2009, an increase of 69 percent from the previous quarter and 10 percent above the level reported in the third quarter of 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Connecticut foreclosures were up during the third quarter,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in bank-owned properties, which doubled during the quarter. Connecticut’s unemployment rate climbed to 8.4 percent in September, but it is still below the national average of 9.8 percent, and home sales have picked up dramatically this year. The increase we are seeing at this point is the result of the overall recession.”

 

Connecticut ranked 30th in the country in total foreclosures reported for the third quarter. With one in every 281 housing units receiving a foreclosure filing, its foreclosure rate ranked 25th among the 50 states.

 

Foreclosure activity in the Constitution State was down 3 percent in September from the previous month to 2,134 properties with foreclosure filings, but elevated on a yearly basis, up 62 percent from September 2008. The state’s foreclosure rate was 24th highest in the nation for the month — with one in every 674 housing units receiving a foreclosure filing.

 

Windham County posts state’s top foreclosure rate in the third quarter

Windham County posted the highest county foreclosure rate in the state for the third quarter, with one in every 242 housing units receiving a foreclosure filing — 1.2 times the state average. New Haven County was second, with one in every 250 housing units receiving a foreclosure filing during the quarter. Fairfield County posted the third highest foreclosure rate, where one in every 251 housing units received a foreclosure filing.

 

Five counties accounted for 90 percent of foreclosure activity in the third quarter

New Haven County led the way, tallying 1,396 properties with foreclosure filings for the quarter. Fairfield County came in second highest, reporting 1,394 properties with foreclosure filings. Hartford County came in third, tallying 1,122 properties with foreclosure filings. New London County posted the fourth highest foreclosure activity for the quarter, reporting 368 properties with foreclosure filings. Litchfield County documented 311 properties with foreclosure filings, the state’s fifth highest foreclosure total in the quarter.

 

State contributes 1 percent to nation’s foreclosure activity for quarter and month

Connecticut accounted for 1 percent of the 937,840 properties with foreclosure filings reported nationwide for the third quarter and 1 percent of the 343,638 properties with foreclosure filings reported for September. Total U.S. activity declined 5.4 percent between the second and third quarter of the year, but was up 23 percent from the third quarter of 2008. One in every 136 U.S. housing units received a foreclosure filing during the quarter, the highest quarterly foreclosure rate since RealtyTrac began issuing its report in 2005.

 

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the county, state and national level. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default Notice of Default (NOD) and Lis Pendens (LIS); Auction Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is filed against a property during the month — which is extremely rare — only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

Connecticut Top Foreclosure Rates by County – Q3 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

153,255

188,986

263,957

94,590

237,052

937,840

136

n/a

n/a

Connecticut

0

3,422

0

408

1,283

5,113

281.33

0.48

n/a

 

 

 

 

 

 

 

 

 

 

Windham

0

128

0

5

61

194

242

0.56

1.16

New Haven

0

885

0

111

400

1,396

250

0.55

1.12

Fairfield

0

992

0

122

280

1,394

251

0.54

1.12

Litchfield

0

212

0

19

80

311

268

0.51

1.05

New London

0

268

0

2

98

368

317

0.43

0.89

 

 

Connecticut Top Foreclosure Totals by County – Q3 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 09

% Chg Q3 08

 

 

 

 

 

 

 

 

 

 

United States

153,255

188,986

263,957

94,590

237,052

937,840

136

5.40

22.50

Connecticut

0

3,422

0

408

1,283

5,113

281.33

68.86

10.00

 

 

 

 

 

 

 

 

 

 

New Haven

0

885

0

111

400

1,396

250

62.79

0.50

Fairfield

0

992

0

122

280

1,394

251

78.72

6.66

Hartford

0

738

0

103

281

1,122

324

52.03

10.98

New London

0

268

0

2

98

368

317

102.20

21.45

Litchfield

0

212

0

19

80

311

268

79.77

52.45

 

 

Connecticut Top Foreclosure Rates by County – Sept 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

56,979

65,186

97,925

35,727

87,821

343,638

372

n/a

n/a

Connecticut

0

1,415

0

94

625

2,134

674

0.55

n/a

 

 

 

 

 

 

 

 

 

 

New Haven

0

386

0

35

212

633

552

0.67

1.22

Windham

0

52

0

0

32

84

559

0.67

1.21

Fairfield

0

376

0

31

133

540

649

0.57

1.04

Litchfield

0

92

0

4

30

126

661

0.56

1.02

Hartford

0

326

0

16

140

482

755

0.49

0.89

 

 

Connecticut Top Foreclosure Totals by County – Sept 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Aug 09

% Chg Sept 08

 

 

 

 

 

 

 

 

 

 

United States

56,979

65,186

97,925

35,727

87,821

343,638

372

-4.14

29.20

Connecticut

0

1,415

0

94

625

2,134

674

-2.91

61.91

 

 

 

 

 

 

 

 

 

 

New Haven

0

386

0

35

212

633

552

9.71

99.68

Fairfield

0

376

0

31

133

540

649

-15.63

18.94

Hartford

0

326

0

16

140

482

755

2.55

69.72

New London

0

104

0

0

41

145

804

6.62

38.10

Litchfield

0

92

0

4

30

126

661

-3.08

162.50

 

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