Home > Blogs > Nick Gandhi's Blog

Nick Gandhi's Blog

By Nick Gandhi | Agent in Stamford, CT
  • Connecticut's Rise In Foreclosure Inventory Exceeds National Rate

    Posted Under: Market Conditions in Connecticut, Foreclosure in Connecticut, Home Ownership in Connecticut  |  October 7, 2012 12:53 PM  |  438 views  |  No comments

    Connecticut's percentage of homes in foreclosure rose 0.3 percent in August, and the state ranked in the middle of 24 judicial foreclosure states in the number of completed foreclosures over the past year, according to national real estate tracking firm CoreLogic.

    Connecticut's 0.3 percent bump in foreclosed home inventory was worse than the national decline of 0.2 percent, according to a recent foreclosure report from CoreLogic. With 3,578 completed foreclosures between August 2011 and August 2012, Connecticut ranked 11th out of 24 judicial foreclosure states over that period. Nationally, 781,898 foreclosures were completed in that time frame. Florida, Illinois, Ohio, Indiana and Pennsylvania represented the top five judicial foreclosure states with the highest number of completed foreclosures.

    Approximately 1.3 million homes, or 3.2 percent of all homes with a mortgage, were in the national foreclosure inventory as of August, CoreLogic said, compared to 1.4 million, or 3.4 percent, in August 2011. Month-over-month, the national foreclosure inventory was unchanged from July 2012 to August 2012. The foreclosure inventory is the share of all mortgaged homes in any stage of the foreclosure process.

    "The continuing downward trend in foreclosures and a gradual clearing of the shadow inventory are important signals that the recovery in housing is gaining traction," said CoreLogic President and CEO Anand Nallathambi said in a statement. "The reduction in foreclosure volumes is to some degree being facilitated by the rising popularity of alternative resolution methods, such as short sales and loan modifications."

    The five states overall with the highest number of completed foreclosures for the 12 months ending in August were: California (110,000), Florida (92,000), Michigan (62,000), Texas (58,000) and Georgia (55,000). These five states accounted for 48.1 percent of all completed foreclosures nationwide over that period, the company said.

    The five states with the lowest number of completed foreclosures for the 12 months ending in August were: South Dakota (25), District of Columbia (113), Hawaii (435), North Dakota (564) and Maine (612).

    "August marks the fourth month in a row there were fewer completed foreclosures, which is more evidence that the housing industry is finding its footing," said Mark Fleming, chief economist for CoreLogic. "While we are seeing improvement on a national level, there remain higher concentrations of foreclosures in some areas with five states accounting for nearly half of all completed foreclosures nationwide during the last year."

    Source : CoreLogic

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer