ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT
Activity Up 238 Percent From a Year Ago
IRVINE, Calif. – June 15, 2007 – Connecticut reported 2,328 foreclosure filings in May, a 45 percent decrease from the previous month, but still a 238 percent increase from May 2006, according to the latest RealtyTrac™ U.S. Foreclosure Market Report.
RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 900,000 properties from nearly 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.
“Although Connecticut foreclosure filings decreased in May, they have more than tripled since this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Quarter-one statistics show that the state’s home price appreciation rate was below the national average. This is likely contributing to the overall rise.”
Connecticut ranked 19th in the country in total foreclosures reported for May. The state’s foreclosure rate of one foreclosure filing for every 595 households ranked it among the top 10 states.
New Haven County accounts for largest share of state total
New Haven County documented the highest total for the month, reporting 693 foreclosure filings. Hartford County documented the second highest total, with 627 foreclosure filings. Fairfield County posted the third highest total, with 502 foreclosure filings. New London County held the fourth highest total with 119 foreclosure filings, followed by Litchfield County with 109 foreclosure filings.
Windham County posts highest foreclosure rate
Windham County posted the highest foreclosure rate in Connecticut for May, reporting one foreclosure filing for every 444 households — 1.3 times the state average and 1.5 times the national average. New Haven County reported the second highest foreclosure rate, with one foreclosure filing for every 491 households — 1.2 times the state average and 1.3 times the national average. Hartford County posted the third highest foreclosure rate, with one filing for every 563 households — 1.2 times the national average. Tolland County reported the fourth highest foreclosure rate, with one foreclosure for every 573 households, followed by Fairfield County, with one foreclosure filing for every 676 households.
State contributes 1 percent to national total
Total foreclosure filings in Connecticut accounted for 1 percent of the 176,137 foreclosure filings nationwide in May. The national total was up 19 percent from the previous month and up 90 percent from May 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 657 households during the month.
The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of foreclosure filings — both nationwide and by state — over the preceding month. RealtyTrac’s report includes properties in all three phases of foreclosure: Defaults — Notice of Default (NOD) and Lis Pendens (LIS); Auctions — 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).
For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.
Connecticut Foreclosure Market by County – May 2007
1 in every # households
About RealtyTrac Inc.
Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.
Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new homes, with more than 1.3 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com).
Atomic Public Relations