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Minna Reid's Blog

By Minna Reid | Broker in Southington, CT

CT Market Report 2013: Past and future of short sales and foreclosure sales

Has Connecticut finally hit bottom and is starting to recover? Perhaps...there are some signs that we have hit an upswing in sales recently, and increases in values would reasonably follow. However, even if we have turned the corner here in CT - the massive lost equity since the boom years for purchases and refinances ensure a slow recovery as folks remain underwater in their homes for years to come. Meanwhile - short sales and sales of foreclosed property (REO) continue on. 

So far - first quarter closed short sales in 2013 are up just a tad from first quarter of the prior year (+1%), while REO sales are up 13% in the same time period. It may be too early to tell exactly where we will end up by the end of this year but a look at the past 5 years shows foreclosure sales winding downsince 2010 with short sales increasing every year since 2008 (the year CTMLS added fields for short sales and REO sales):

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The increase in short sales and recent decreases in foreclosure sales can likely be attributed to a few things:
  • The lengthy foreclosure process in CT which can take two years or more at times
  • Lenders preference for workouts like short sales, loan modifications and deed-in-lieus over foreclosure
  • Improvements in lender short sale processing
  • More homeowners choosing to short sell over letting their homes foreclose
CONSIDERING A CT SHORT SALE? CONTACT ME FOR A FOR A FREE CONSULTATION
 

 

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Minna Reid, Realtor
CG Real Estate - Southington CT
Voice or Text: 860.416.1255
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Minna Reid  is a  CT Licensed Real Estate Broker Associate with CG Real Estate, specializing in short sales serving Central CT including, but not limited to; Avon, Berlin, Bristol, Cheshire, Cromwell, Farmington, Glastonbury, Hamden, Meriden, Middlefield, Middletown, Newington, New Britain, North Branford, North Haven, Plainville, Portland, Prospect, Rocky Hill, Southington, Wallingford, West Hartford, Wethersfield and Wolcott. 

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