ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT
Activity Up 83 Percent From a Year Ago
IRVINE, Calif. – April 23, 2007 – Connecticut reported 1,517 foreclosure filings in March, a 3 percent increase from the previous month, and an 83 percent increase from March 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.
“Connecticut foreclosures have increased significantly from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Statistics show that the state’s home price appreciation rate was 30 percent lower than the national average last year. This is likely contributing to the overall rise.”
Connecticut ranked 20th in the country in total foreclosures for March. The state’s foreclosure rate of one foreclosure filing for every 913 households ranks it 15th among the 50 states.
Top three counties account for largest share of state total
Three counties accounted for 76 percent of all foreclosures in Connecticut for March. New Haven reported the highest foreclosure total for the month, with 485 foreclosure filings. Hartford County came in second with 369 foreclosure filings, followed by Fairfield County with 305 foreclosure filings.
New Haven County posts highest foreclosure rate
New Haven County posted the highest foreclosure rate for March, reporting one foreclosure filing for every 702 households — 1.3 times the state average. Tolland County reported the second highest foreclosure rate, with one foreclosure filing for every 860 households. Windham County posted the third highest foreclosure rate, with one foreclosure filing for every 916 households.
State contributes 1 percent to national total
Total foreclosure filings in Connecticut accounted for 1 percent of the 149,150 foreclosure filings nationwide in March. The national total was up almost 7 percent from the previous month, and surged 47 percent from March 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 775 U.S. 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 – March 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