State filings Up 40 Percent From March 2007
IRVINE, Calif. – April 30, 2008 – Connecticut reported 2,126 properties with foreclosure filings in March. After a 41 percent decrease in February, statewide activity decreased 3 percent for the month but was still up 40 percent from March 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report.
RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1 million 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 the number of foreclosure filings in Connecticut decreased in March, the activity level is still up significantly from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s unemployment rate jumped dramatically over the past year and is now above the national average. This is but one contributing factor to the overall rise in foreclosures we’re seeing.”
Connecticut ranked 22nd in the country in total foreclosures for the month. With one in every 674 households receiving a foreclosure filing, its foreclosure rate ranked 14th among the 50 states.
Top five counties responsible for bulk of state’s foreclosure activity
Five Connecticut counties accounted for 90 percent of all foreclosure activity in the state for March. New Haven County led the state with the highest total, reporting 608 properties with foreclosure filings. Fairfield County came in second highest, documenting 550 properties with foreclosure filings. Hartford County had the third highest total, reporting 504 properties with foreclosure filings. New London County, where 151 properties with foreclosure filings were reported, came in fourth. Litchfield County was fifth highest, reporting 99 properties with foreclosure filings.
Windham County posts top foreclosure rate for March
Windham County tallied the highest county foreclosure rate in the state for March, with one in every 542 households receiving a foreclosure filing for the month — 1.2 times the state average and on par with the national average. New Haven County posted the state’s second highest rate, with one in every 573 households receiving a foreclosure filing during the month — 1.2 times the state average. The third highest rate in the state was reported in Fairfield County, where one in every 635 households received a foreclosure filing in March — 1.1 times the state average.
State accounts for 1 percent of nation’s total in March
Total filings in Connecticut accounted for 1 percent of the 234,685 properties with foreclosure filings reported nationwide in March. The national total represents a 5 percent increase from the previous month and is 57 percent ahead of the total reported for March 2007. One in every 538 U.S. households received a foreclosure filing 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 2008
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