Hartford Area Home Values Still Losing Ground

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The housing market nationally showed significant signs of recovery this spring, as overall second quarter home price appreciation registered the largest gain for the quarter since 2004.

But the Hartford metro area has yet to join the party — and isn’t likely to in the next year, a new report today shows.

Home prices in the Hartford metro area fell one percent in the second quarter, compared with the same period a year ago, according to the report from Zillow. National home prices rose 5.8 percent on the same period.

 According to Zillow, home price appreciation is expected to slide another 1.2 percent in the next year, compared with a 5 percent gain for the nation.

See the Hartford metro area report here.

The declines in the Hartford metro area weren’t across the board, however. Among the 20 largest towns and cities in the Hartford metro area, 13 registered declines and 7 showed gains in the second quarter, compared with a year ago.

The largest decline — 4.5 percent — was registered in Plainville, while the largest gain — 1.1 percent — was turned in by Bloomfield, the Zillow report shows.

Half of the 20 towns and cities in the metro area have reached a bottom in price declines, with West Hartford hitting first, in the third quarter of 2011.

In Hartford County, the volume of “underwater” mortgages — in which what was owed on the property exceeded its market value, was 21.2 percent, down slightly from 22 percent a year earlier.

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4 thoughts on “Hartford Area Home Values Still Losing Ground

  1. sue

    HOW can this be. I thought last month the report was rising prices in the Hartford area. Of course its true. The DEATH SPIRAL CONTINUES. I know plenty of retirees who have put their homes up for sale and will be moving SOUTH.

  2. DR

    Of course the Hartford area is losing ground – it has been for years now and the slide continues. People are rejecting Malloy with their feet – jobs are leaving and people are leaving. No one wants to move to CT to buy the houses for sale.

  3. alan

    between Pratt, Travelers, etc who would buy a house in the Hartford area except secure govt workers..some cases both husband and wife govt employed. I have been told that the Saybrook area is becoming an enclave for 50- something Hartford teachers(some husb/wife) who are taking advantage of the post Sandy Market to set themselves up for a nice retirement home… after all with summers off why not.

  4. R

    The homes in this area are overpriced, overtaxed, and impossible for anyone under 40 to qualify to buy even.

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