Connecticut Foreclosure Activity Decreased in Third Quarter

Total filings decline 11 percent statewide from the second quarter

Default notices down, auctions and REOs up for the quarter

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 5,934 Connecticut properties during the third quarter, an 11 percent decrease from the previous quarter but up 16 percent from the third quarter of 2009, according to the latest RealtyTrac® U.S. ForeclosureMarket Report.

 

For September, Connecticut ranked 29th in total foreclosure activity nationally, reporting 2,077 properties with foreclosure filings, a 16 percent increase from the previous month but 3 percent below the level reported for the same month last year. One in every 695 Connecticut housing units received a foreclosure filing in September, ranking the 26th highest state foreclosure rate in the nation.

 

Connecticut foreclosures were down during the third quarter,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decrease was in default notices, which dropped 23 percent for the month. The state’s unemployment rate continues to remain below the national average, and its home sales were higher than most state’s earlier this year. These factors are contributing to the overall decline in the statewide foreclosure activity.”

Connecticut ranked 28th in the nation in total foreclosures for the quarter. Its foreclosure rate of one in every 243 housing units receiving a foreclosure filing during the quarter, ranked 24th among the 50 states.

Windham County led state in foreclosure rate for third quarter

One in every 199 housing units received a foreclosure filing in Windham County — 1.2 times the state average — the highest county foreclosure rate in the state during the third quarter of 2010. New Haven County posted the second highest rate, with one in every 204 housing units receiving a foreclosure filing during the period — 1.2 times the state average. Third highest rate was in Litchfield County, where one in every 218 housing units received a foreclosure filing — 1.1 times the state average.

 

State’s top foreclosure total for third quarter posted in New Haven County

New Haven County dominated the state in total foreclosure activity, reporting 1,715 properties with foreclosure filings for the quarter. Fairfield County was second, reporting 1,372 properties with foreclosure filings. Hartford County was third, tallying 1,354 properties with foreclosure filings. New London County was fourth highest, reporting 472 properties with foreclosure filings. Litchfield County rounded out the state’s top five, reporting 382 properties with foreclosure filings for the quarter.

 

State a minor contributor to nation’s foreclosure total for the quarter

Less than 1 percent of 930,437 properties with foreclosure filings reported nationwide during the third quarter were located in Connecticut. Total U.S. activity increased nearly 4 percent from the second quarter, but was down fractionally from the level reported for the third quarter 2009. One in every 139 U.S. housing units received a foreclosure filing during the quarter.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. 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 received for a property during the month, 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 – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

n/a

n/a

Connecticut

0

3,738

0

486

1,710

5,934

243

0.57

n/a

 

 

 

 

 

 

 

 

 

 

Windham

0

131

0

19

87

237

199

0.70

1.22

New Haven

0

1,051

0

132

532

1,715

204

0.68

1.19

Litchfield

0

229

0

30

123

382

218

0.64

1.11

New London

0

291

0

40

141

472

248

0.56

0.98

Fairfield

0

947

0

108

317

1,372

257

0.54

0.95

 

 

Connecticut Top Foreclosure Totals by County – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 10

% Chg Q3 09

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

3.90

-0.79

Connecticut

0

3,738

0

486

1,710

5,934

243

-10.65

16.06

 

 

 

 

 

 

 

 

 

 

New Haven

0

1,051

0

132

532

1,715

204

-5.41

22.85

Fairfield

0

947

0

108

317

1,372

257

-22.49

-1.58

Hartford

0

841

0

113

400

1,354

269

-4.78

20.68

New London

0

291

0

40

141

472

248

-2.88

28.26

Litchfield

0

229

0

30

123

382

218

-8.17

22.83

 

 

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