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Foreclosures Rise 34 Percent in Connecticut

The nation's foreclosure situation has improved, but the news in Connecticut is less positive.

 

Nationally, foreclosures are at a five-year low. That’s not the case in Connecticut, according to RealtyTrac, which reports 34 percent increase in foreclosures from the previous. The real estate information company attributes the increase to Connecticut’s court-based foreclosure process.

Twenty-five other states share a similar judicial foreclosure process, and thirteen of those bucked the national trend and saw more foreclosures.

Foreclosure filings totaled 180,427 in the U.S. in September, down 7 percent from August and 16 percent from September 2011. The last time the foreclosure rate was so low was in July 2007.

“We’ve been waiting for the other foreclosure shoe to drop since late 2010, when questionable foreclosure practices slowed activity to a crawl in many areas, but that other shoe is instead being carefully lowered to the floor and therefore making little noise in the housing market — at least at a national level,” said Daren Blomquist, vice president at RealtyTrac, in a written statement.

He added, “Make no mistake, however, the other shoe is dropping quite loudly in certain states, primarily those where foreclosure activity was held back the most last year.”

Connecticut recently won a $1.5 billion settlement from banks, and the money is earmarked to go to people who had their homes foreclosed.

Harry October 15, 2012 at 05:37 PM
Bush's fault right? Or is it Rowlands fault? Ya think if CT didn't have the highest corp tax rate, just maybe businesses would stay and come here or no? More evidence that CT is not open for business... It only gets worse, thanks Malloy
George October 15, 2012 at 07:53 PM
Did you miss this line in the article? “We’ve been waiting for the other foreclosure shoe to drop since late 2010" And just WHEN did Malloy take office?
Pro Death October 16, 2012 at 06:01 PM
January 2011, and he has done nothing to shrink the size of the shoe. He has wasted taxpayer money to bribe companies to come to and stay in this state which is a band aid that's gonna fall off sooner than later, He has not stuck to his guns when dealing with unions, He has put the burden on the backs of the middle class, he has made our most "vulnerable citizens more reliant on state services and has done little to give small business in this state a reason to expand.

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