Connecticut Home Foreclosure Filings Surge In August

by Categorized: Uncategorized Date:

Connecticut was among the highest ranked states in country in August for homes with a foreclosure filing and saw first-time filings jump by 50 percent, a new report today shows.

In August, there was one home in Connecticut with a filing for every 765 homes, placing the Connecticut ninth highest among all states, the report from RealtyTrac, which monitors foreclosure activity and markets foreclosed properties.

Nationwide, one in every 1,091 homes had a filing in August. Nevada had the highest rank among states, coming in at one in every 359 homes. North Dakota had the lowest ranking, at one in every 31,552 homes.

Daren Blomquist, vice president at RealtyTrac, said foreclosure activity in Connecticut has increased on an annual basis for seven consecutive months and in 17 out of the last 21 months, “even as foreclosure activity in much of the rest of the country has been declining.”

“That has pushed Connecticut’s foreclosure rate into the top 10 highest nationwide for the past three months,” Blomquist said.

The surge in foreclosure activity, Blomquist said, is tied to the “robo-signing” scandal in late 2010 when major lenders were found not be verifying information on foreclosure documents, particularly in states like Connecticut where foreclosures are processed in the courts.

The scandal prompted calls for reform and delayed foreclosure filings until lenders tightened up their procedures. Last year, foreclosure activity began picking up again, ending delays.

“Connecticut and a handful of other judicial foreclosure states are now playing catch up with the other states that have largely worked through the foreclosure crisis,” Blomquist said.

First-time notices of foreclosures in Connecticut jumped to 1,372 from 911 in August, 2012, the report found.

Not all homes with foreclosure filings will be repossessed by mortgage lenders. However, in August, banks took back 469 Connecticut properties, up more than 45 percent from a year ago.

Overall, Connecticut had 1,938 residential properties with a filing in August, up 47 percent. That compares with a decrease of 34 percent nationally in August, RealtyTrac found.

 

 

 

The Courant is using Facebook comments on stories. To comment on courant.com articles, sign into Facebook and enter your comment in the field below. Comments will appear in your Facebook News Feed unless you choose otherwise. To report spam or abuse, click the X next to the comment. For guidelines on commenting, click here.

3 thoughts on “Connecticut Home Foreclosure Filings Surge In August

  1. CT Democrat

    These are all Republican based lies. Everything is fine in our State of Connecticut. Yes, there’s been some layoff’s, but the horizon looks bright with high paying medical jobs and stable home prices. Don’t beleive these slanted new stories, they can cook the numbers to make everything look bad.

  2. You are clueless

    Maybe the economists, but everyone else knows this is Bush’s fault along with maybe Calvin Coolidge.

Comments are closed.