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June 12, 2024

CT had 4th-highest foreclosure rate in U.S. in May

Wikimedia Commons A home under foreclosure.

A new report shows Connecticut had the fourth-highest foreclosure rate in the country in May, with one in every 2,600 housing units at various stages of the foreclosure process.

The monthly U.S. Foreclosure Market Report, released by real estate data company ATTOM, says there were a total of 32,621 properties across the United States with foreclosure filings in May, up 3% from the prior month, but down 7% from a year ago.

"May's foreclosure activity highlights nuanced shifts in the housing market," said Rob Barber, CEO at ATTOM. "While we observed a slight increase in foreclosure starts, the decline in completed foreclosures indicates resilience in certain areas. Monitoring these evolving patterns remains crucial to understanding the full impact on the real estate sector." 

New Jersey posted the highest foreclosure rate, with one in every 4,320 housing units having a foreclosure filing – default notices, scheduled auctions or bank repossessions.

Illinois and Delaware had the next highest foreclosure rates, followed by Connecticut.

Nationwide, lenders repossessed 2,879 properties through completed foreclosures in May, down 1% from last month and down 28% from last year, according to the report.

The most repossessions in May took place in California (254), Illinois (254), Pennsylvania (238), Ohio (177) and Texas (167).

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