NMLS: 2576 | CT LICENSE: 1101 | MA LICENSE: LS2576 | MI LICENSE: FR0023580 Over a month ago, RealtyTrac revealed Connecticut’s amount of foreclosures increased year to year, and a recent November report shows this trend hasn’t stopped.
Specifically, Connecticut remains ninth for foreclosures, based on October filings for default notices, auctions, and repossessions. The state comes after Florida, Nevada, Maryland, Ohio, and Illinois.
The state’s rate goes against a national trend. Year-to-year foreclosure rates declined 28 percent overall, while Connecticut’s went up 35 percent – 1,803 in October 2012 to 1,973 in October 2013. Right now, one out of every 752 Connecticut homes is in some state of foreclosure, as opposed to the one in every 978 national rate.
However, RealtyTrac points out in its report, Connecticut’s month-to-month rate actually decreased.
Several factors point to this sudden increase. Connecticut put a moratorium on foreclosures after the robo-signing scandal in 2010, while stricter procedures and court reviewing resulted in a backlog. As well, it created an illusion that overall rates started to slow down.
Rates don’t remain uniform across the state, on the other hand. Reported by the Stamford Advocate, southwest Connecticut has actually seen a decrease, while prices and closings increased year to year. Specifically, the amount decreased from 4.84 in August 2012 to 3.97 in August 2013, according to a CoreLogic report. Right now, just 6.57 percent of all Fairfield County mortgages are delinquent 90 or more days.
However, the Fairfield County market’s more auspicious conditions still remain below the national average of 2.36 percent.
Prices, as well, have gone up in the area’s towns, with Wilton seeing the greatest jump (a 16-percent yearly increase). As well, Stamford saw a 24-percent increase and Greenwich 11 percent. Greenwich, as well, experienced a 73 percent increase in condominium sales. In line with these increases, Fairfield County saw a greater number of closings.