Activity Triples From a Year Earlier; Foreclosure Rate #3 In Nation
IRVINE, Calif. – May 18, 2007 – Connecticut reported 4,207 foreclosure filings in April, skyrocketing 177 percent in activity from the previous month, and soaring 199 percent above of the level reported for the same month last year, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The state’s foreclosure rate — one foreclosure filing for every 329 households — was the third highest in the nation.
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.
“Part of the increase in Connecticut can be attributed to more rigorous data collection that we implemented in the state in April,” said James J. Saccacio, chief executive officer of RealtyTrac. “Still, there is definitely an upward trend in the state’s foreclosure activity, with foreclosure filings up every month so far this year. Unemployment is below the national average, but home price appreciation has slowed down tremendously over the past year. Also, the excessive use of subprime loans is starting to take its toll, leaving many distressed homeowners stranded as they attempt to sell homes that are worth less than they currently owe on their mortgages.”
Of the nation’s top 10 only Arizona had a lower foreclosure total than Connecticut in April. Leading the nation was California with more than 30,500 foreclosure filings reported. Second place Florida reported more than 14,300 filings, while third place Ohio and fourth place Texas both reported totals above 11,400 filings for the month. The remainder of the nation’s top 10 included Illinois, Georgia, Michigan and Colorado, all reporting higher foreclosure totals than Connecticut for the month. The state’s foreclosure rate for the month was 2.4 times the national average.
New Haven County leads state in total foreclosures and foreclosure rate
New Haven County led the state with the largest county foreclosure total, 1,335 foreclosure filings, and the highest foreclosure rate for the month — one foreclosure filing for every 255 households — 1.3 times the state average and 3.1 times the national average.
Hartford County tallied the second highest total for the month, 1,076 foreclosure filings, and the third highest foreclosure rate — one foreclosure filing for every 328 households — on par with the state average and 2.4 times the national average. The third highest foreclosure total was reported in Fairfield County, with 828 foreclosure filings and a foreclosure rate of one filing for every 410 households.
The second highest county foreclosure rate for the month was reported by Windham County, which documented one foreclosure filing for every 276 households — 1.2 times the state average and 2.8 times the national average.
New Haven, Hartford and Fairfield counties together accounted for 77 percent of all foreclosure filings in Connecticut for the month.
State makes significant contribution to national total
Total foreclosure filings in Connecticut accounted for 3 percent of the 147,708 filings nationwide in April. The national total was down less than 1 percent from the previous month, but still up 62 percent from April 2006. The nation’s foreclosure rate was one foreclosure filing for every 783 U.S. households during the month.
The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, by state and by county. 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 – April 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 construction properties, 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