Foreclosures Rise 34 Percent in Connecticut

The nation's foreclosure situation has improved, but the news in Connecticut is less positive.


Nationally, foreclosures are at a five-year low. That’s not the case in Connecticut, according to RealtyTrac, which reports 34 percent increase in foreclosures from the previous. The real estate information company attributes the increase to Connecticut’s court-based foreclosure process. 

Twenty-five other states share a similar judicial foreclosure process, and thirteen of those bucked the national trend and saw more foreclosures. 

Foreclosure filings totaled 180,427 in the U.S. in September, down 7 percent from August and 16 percent from September 2011. The last time the foreclosure rate was so low was in July 2007. 

“We’ve been waiting for the other foreclosure shoe to drop since late 2010, when questionable foreclosure practices slowed activity to a crawl in many areas, but that other shoe is instead being carefully lowered to the floor and therefore making little noise in the housing market — at least at a national level,” said Daren Blomquist, vice president at RealtyTrac, in a written statement.

He added, “Make no mistake, however, the other shoe is dropping quite loudly in certain states, primarily those where foreclosure activity was held back the most last year.”

Connecticut recently won a $1.5 billion settlement from banks, and the money is earmarked to go to people who had their homes foreclosed.

Paul Alexander October 12, 2012 at 03:53 PM
How many data points do the taxpayers of Connecticut NEED before you understand just exactly how in extremis the state is financially???!!! DEMAND lower taxes. LOWER TAXES…not just a smaller rate of increase, but actually LESS taxes paid. DEMAND less regulation. Stop choking business growth. DEMAND a fiscally responsible General Assembly. Throw the tax and spend idiots OUT. “(Governor) Dan Malloy of Connecticut signed into law a huge $1.8 billion tax increase, which increased the top individual income tax rate from 6.5 to 6.7 percent, the top corporate tax rate from 8.25 to 9.0 percent, and the sales tax rate from 6.0 to 6.35 percent. The governor also increased hotel taxes, luxury goods taxes, online sales taxes, alcohol taxes, and the state death tax. After this tax hike orgy, Malloy had the gumption to claim that some small tax credits he approved were a “far reaching” and “rigorous initiative to grow jobs.” What are you waiting for??? An in-your-face crisis??? It’s already here. All you need to do is to pull your heads out of the sand to see it…or wherever you have your heads.
Veritas vos liberabit October 12, 2012 at 04:23 PM
Shipper, shouldn't you be more concerned with the state that you actually live in? Florida’s foreclosure rate also ranked highest in the nation in September, the first time since April 2005 that Florida has held the No. 1 spot. Florida foreclosure starts in September increased 24 percent from a year ago — the 11th straight month with an annual increase — and Florida bank repossessions (REO) increased 23 percent year over year — the ninth straight month with an annual increase.
Paul Alexander October 12, 2012 at 04:50 PM
Sully, you’re such an ideologue. Try to focus on the ARGUMENT, not one piece of it and your narrow ideology. By many metrics, Connecticut is a DYING state and I used this report to highlight that fact. A DYING STATE. Let that sink in. Of course Florida is a foreclosure nightmare. It’s a huge state with a long history of real estate related shenanigans. Charlie Crist owns the recent real estate mess. We have a new governor though committed to cleaning Charlie’s mess up. Give him some time and that will happen. In spite of the inherited foreclosure mess, there are many metrics that show Florida is a rapidly GROWING state and Florida’s stunning growth mitigates the foreclosure mess. Hell, the Florida sales tax rate is lower than CT’s sales tax rate AND we don’t have an income tax. Oh, and you don’t want to die in Connecticut if you have any money. Florida has issues as you like to point out, but those issues are more than overcome by a TON of things going VERY well in Florida…which you NEVER point out. Connecticut on the other hand is just one fiscal disaster after another without much you can point to that mitigates those disasters. A dying state. That’s the point. Start considering that fact and spend some time thinking of how to reverse it. Odd...but you never criticize the fiscal "warts" in CT. Ideologue.
DAY October 12, 2012 at 05:05 PM
McMuffin, a/k/a McNugget, is creating a distraction, as usual. The topic is Connecticut. Not Florida.
Paul Alexander October 12, 2012 at 08:07 PM
McSchizo, McStalker, McWanker, McSourPuss... I say we do the charitable thing, pass the hat and get that guy (deleted).


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