Connecticut sees foreclosure inventory improving
Connecticut’s foreclosure inventory declined by just over 20.6 percent in June of this year compared with a year ago, slightly behind the national average of 25.9 percent, CoreLogic reported Tuesday.
According to the June 2016 National Foreclosure Report by the property analytics provider, foreclosure inventory dropped 25.9 percent nationwide, along with a decline of 4.9 percent in completed foreclosures. Completed foreclosures nationwide decreased year over year from 40,000 in June 2015 to 38,000 in June 2016, showing a decline of 67.5 percent from the peak of 117,835 in September 2010, CoreLogic said.
In Connecticut, completed foreclosures registered a more marked decline of 50.5 percent, from 5,031 in June 2015 to 2,488 this past June. The year-over-year serious delinquency rate also dropped in June by 25 percent. Overall, the state’s foreclosure inventory rate for this past June was 1.6 percent.
Foreclosure inventory represents the number of homes at some stage of in the process, while completed foreclosures reflect the total number of homes lost to foreclosure proceedings. Since the financial crisis began in September 2008, approximately 6.3 million foreclosures have been completed nationally, CoreLogic said.
Also in Connecticut, the foreclosure rate dipped slightly, from 1.7 percent in June 2015 to 1.6 percent this past June.
"The impact of the inexorable reduction over the past several years in both foreclosure trends and serious delinquencies is driving the long-awaited return to more historic norms for the U.S. housing market," said Anand Nallathambi, president and CEO of CoreLogic.
Nallathambi added the agency expects continued home price appreciation and rising employment levels will help “cement the gains we have had and perhaps accelerate them" through the rest of the year.
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