ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT
State’s Activity Level Down 46 Percent From a Year Ago
IRVINE, Calif. – Nov. 10, 2006 – Connecticut reported 1,175 properties entering some stage of the foreclosure process in October, a 15 percent decrease from the 1,385 properties reported in September, and a 46 percent decrease from the 1,385 properties reported for the same month last year, according to the RealtyTrac™ October 2006 U.S. Foreclosure Market Report.
RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 700,000 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.
“After reaching a peak in September, Connecticut foreclosures appear to be moving back downward,” said James J. Saccacio, chief executive officer of RealtyTrac. “Steady job growth throughout the state has likely contributed to this decline.”
Connecticut ranked 21st in the country in total foreclosures reported for October. The state’s foreclosure rate of one new foreclosure filing for every 1,179 households — 85 percent of the national average — ranks it 16th among the 50 states.
New Haven County accounts for largest share of state total
New Haven County led the state, reporting 336 properties entering some stage of the foreclosure process during the month. Hartford County had the second highest total, reporting 227 properties entering some stage of the foreclosure process, followed by Fairfield County where 257 properties entered some stage of the foreclosure process.
Tolland County posts state’s top foreclosure rate
Tolland County posted the top foreclosure rate in the state for October, reporting one new foreclosure filing for every 992 households — 1.2 times the state average and on par with the national average. Reporting one new foreclosure filing for every 1,013 households — 1.2 times the state average — New Haven County had the second highest foreclosure rate, followed by Litchfield County with one new foreclosure filing for every 1,043 households — 1.1 times the state average.
State makes small contribution to national total
Connecticut’s foreclosure activity accounted for 1 percent of the 115,568 properties entering some stage of foreclosure nationwide in October. The national total represents a 3 percent increase from the 112,210 foreclosures reported in September. The nation’s foreclosure rate increased to one new foreclosure filing for every 1,001 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: Pre-foreclosures — Notice of Default (NOD) and Lis Pendens (LIS); Foreclosures — 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).
Connecticut Foreclosure Market by County – October 2006
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 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