Connecticut Foreclosures Up More Than 10 Percent In 2010
January 13, 2011
Despite lulls in foreclosure activity last year, properties hit with foreclosure in Connecticut increased more than 10 percent in 2010 compared with the previous year, according to a report to be released today — and foreclosure activity in the state does not yet appear to be leveling off as it is elsewhere in the country.
Properties with at least one foreclosure filing totaled 21,705, up 10.3 percent from 2009, according to RealtyTrac, the foreclosure tracking firm, which is releasing its year-end report of national and state-by-state numbers.
That compares with a nationwide increase of 1.7 percent to a 2.9 million in 2010, according to RealtyTrac. That's the highest level nationally since RealtyTrac began reporting foreclosure data in January 2005.
The annual increase came even though Connecticut saw some monthly declines in foreclosure filings in 2010, including a steep slide in November. Those declines, however, were attributed to the aftermath of a foreclosure freeze by some of the nation's largest banks and mortgage servicers, rather than a marked improvement in borrower ability to make mortgage payments.
In December, foreclosure filings totaled 1,120, up 6.7 percent from November's total of 1,050. The number of filings, however, represented a 54 percent drop from December 2009. Nearly half of the filings in December, 551, were filed by lenders and servicers taking back properties.
Connecticut had one foreclosure filing for every 1,288 households in December, compared with one for every 501 households across the nation.
Nevada ranked the highest, with one foreclosure filing for every 84 households, while Vermont was the healthiest, with one for every 20,841 households.
James J. Saccacio, chief executive of RealtyTrac, said he expects to see a surge in foreclosure activity nationally and in many state in the beginning of 2011 because of the delays caused by the foreclosure freeze, touched off by the "robo-signing" scandal last fall.
"Many of the foreclosure proceedings that were stopped in late 2010 ... will likely be restarted and add to the numbers in early 2011," Saccacio said.
Reprinted with permission of the Hartford Courant.
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