June 13, 2017

Htfd. area home mortgage delinquencies decline

Illustration | Crystal Eye Studio; shutterstock.com
Illustration | Crystal Eye Studio; shutterstock.com

Fewer Greater Hartford homeowners were behind on their mortgage payments in March, mirroring a nationwide trend.

The region's share of residential mortgages in some stage of delinquency in March was 4.8 percent down from 5.5 percent in the year-ago period, according to CoreLogic.

The property analytics firm defines delinquent mortgages as those that are 30 or more days past due or in foreclosure.

The region's share of mortgages in serious delinquency (90 days or more past due) totaled 2.4 percent in March, compared to 3.1 percent in the year-ago period, CoreLogic said.

The downward trend mirrors that of the state and the nation. Connecticut's share of mortgages in some stage of delinquency in March was 5.5 percent, ticking above the national average of 4.4 percent. A year ago, the Connecticut share was 6.3 percent, while the national percentage was 5.2 percent.

Declining delinquency and foreclosure rates reflect "the beneficial impact of stringent post-crisis underwriting standards" along with higher employment, household formation and home price gains, said Frank Martell, president and CEO of CoreLogic.

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