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April 20, 2023

Foreclosures in CT increase at higher rate than national average

Contributed
By Andrew Larson

Nationwide, foreclosures were up 22% during the first quarter of 2023, compared to a year ago, according to data from ATTOM, which provides real estate data. 

Connecticut’s increase in foreclosures is above the national average, with a 33% spike from the first quarter of 2022 to the first quarter of 2023. It ranks 14th nationally in terms of its foreclosure rate, with one out of every 1,392 housing units in foreclosure.

Nationwide, one in every 1,459 units had a foreclosure filing in the first quarter of 2023, according to ATTOM.

Topping the nation in terms of foreclosure rates were Illinois (one in every 762 housing units with a foreclosure filing), Delaware (one in every 812), New Jersey (one in every 824), Maryland (one in every 897) and Nevada (one in every 947).

Connecticut had a greater proportion of foreclosures than Massachusetts, which ranked No. 34, with one out of every 2,268 units in foreclosure.

However, the Nutmeg State fared better than New York, which ranked No. 11 with a foreclosure rate of one out of every 1,331 units; New Jersey came in at No. 3.

There were a total of 95,712 foreclosure filings during the first quarter of 2023, according to ATTOM’s U.S. Foreclosure Market Report.

ATTOM's CEO Rob Barber said the uptick is due to several factors, including rising unemployment rates, other economic challenges and delayed foreclosure filings making their way through the pipeline after two years of government intervention during the pandemic.

"However, with many homeowners still having significant home equity, that may help in keeping increased levels of foreclosure activity at bay," Barber said.

A total of 65,346 U.S. properties started the foreclosure process in the first quarter of 2023, up 3% from the previous quarter, and up 29% from a year ago.

Among major cities with a population of 200,000 or more, the greatest number of foreclosures during the first quarter of 2023 were in New York City (4,674 foreclosure starts), Chicago (3,549), Los Angeles (2,210), Houston (2,120) and Philadelphia (1,985).

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