August 15, 2013

CT's July foreclosure activity up sharply

Foreclosure activity increased by a third in July compared to last July, pushing Connecticut's foreclosure rate to the fourth highest in the nation, housing data gatherer RealtyTrac said.

During the month, 2,247 Connecticut homes were hit by foreclosure activity, which includes default filings, scheduled auctions and bank repossessions. Filings were up 33 percent from July 2012.

It was the sixth consecutive month in which Connecticut had a year-over-year increase.

Foreclosure starts and bank repossessions, specifically, helped drive the state's foreclosure rate up, seeing increases of 37 percent and 67 percent, respectively.

RealtyTrac said foreclosure activity is boiling over in a select group of markets where state legislation and court rulings slowed activity during the housing crisis.

Across the country, RealtyTrac said foreclosure activity was down 32 percent over the year. Foreclosure activity is 64 percent below the March 2010 peak, but 54 percent above the historical average before the housing bubble burst in late 2006.

Image credit: www.freedigitalphotos.net

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