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October 12, 2023

Foreclosures in CT increase more than 50% in 3Q

Contributed | A house for sale.

The U.S. foreclosure rate is continuing to rise, nearly reaching pre-pandemic levels, according to the latest U.S. Foreclosure Market Report, released Thursday by real estate data provider ATTOM.

During the third quarter of 2023, there were 124,539 U.S. properties with foreclosure filings, including default notices, scheduled auctions or bank repossessions, up 28% from the previous quarter, and up 34% from a year ago, according to the report.

Connecticut’s third-quarter foreclosure rate ranked ninth in the country. The highest foreclosure rate was in New Jersey, where one in every 595 housing units had a foreclosure filing.

In Connecticut, there were 1,826 properties with foreclosure filings in the third quarter of 2023. The foreclosure rate increased 32.3% from the previous quarter, and 51.5% year-over-year.

Nationally, there were 37,679 new foreclosure filings in September, up 11% from the previous month, and up 18% from September 2022.

"The number of new cases filed by lenders in the third quarter did rise just a small amount from the same period last year and actually dipped a bit quarterly - signs that the upward pattern may be easing,” said Rob Barber, CEO at ATTOM. “But foreclosure starts are nearly back to where they were two years ago when the federal government lifted a pandemic-related moratorium on most foreclosure filings.”

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