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Connecticut's Foreclosure Picture Improves As Auctions Decline

  

courant.com | December 14, 2014

By Kenneth R. Gosselin

Home foreclosure auctions in Connecticut fell for the first time in nearly two years in November, a new report Thursday shows, a sign that pressure from foreclosures on the state's housing recovery is lifting.

Auctions — a major driver of the state's foreclosure activity in recent months — fell 19 percent in November, to 178 from 221 a year earlier, according the RealtyTrac, which tracks and markets foreclosed properties. RealtyTrac releases statistics nationally and state-by-state each month.

"This indicates lenders and servicers have finally worked through most of the backlog of delayed foreclosures in the state, and we would expect these numbers to continue to trend downward as the state's foreclosure situation finds its way back to normal," Daren Blomquist, vice president at RealtyTrac, said.

And Connecticut also saw first-time foreclosure notices — another component of activity — fall 40 percent in November, to 732 from 1,224 a year earlier. The drop came even as the country as a whole saw a 6 percent increase in the same period.
cComments

Nice, so if you're not already homeless, chances are you'll probably be living indoors this winter. That's some real feel good news, isn't it? *sigh*

Blomquist cautioned that Connecticut still has a ways to go before the state reaches levels predating the most recent recession.

In 2005 and 2006, before the housing bubble burst, the monthly average for residential property foreclosure filings in Connecticut was 936.

"The average of 1,585 properties with a foreclosure filings a month so far in 2014 is still well above that level, but we expect to see numbers closer to the pre-recession norm by the end of next year in Connecticut."

Overall, Connecticut had 1,244 residential properties with a foreclosure filing in November, down from 1,931 for the same month in 2013. Those numbers include first-time notices, auctions and properties repossessed by lenders and servicers.

In November, Connecticut had one home in foreclosure for every 1,194 households in the state, compared with one in 768 a year ago. That placed Connecticut 15th highest among all state by that measure, well below seventh highest a year ago.

Connecticut was just slightly higher than the nation in November, which came in at one in 1,170 households with a foreclosure filing.

 

Back to December 2014 Archive

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