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Report: CT foreclosure rate still needs improvement

BY Patricia Daddona

10/12/2017
cooldesign, FreeDigitalPhotos.net
cooldesign, FreeDigitalPhotos.net
Connecticut saw more foreclosures in the third quarter of 2017 than it did prior to the recession, according to a new study by property analytics firm ATTOM Data Solutions.

That contrasts with much of the country, where more than half of state's metro area foreclosure rates are below pre-recession levels, the report found.

Connecticut had 2,945 foreclosures in the third quarter compared to a pre-recession average of 2,445 -- about 20 percent higher today than before the recession.

Connecticut also has an average foreclosure rate of 0.08 percent, slightly higher than the national average of 0.05 percent, the report states.

Nationwide, U.S. foreclosure activity in third quarter was 31 percent below the pre-recession average of 278,912 properties in 2006 and 2007. This marks the fourth consecutive quarter where U.S. foreclosure activity has tracked below the pre-recession average, the report found.

"Legacy foreclosures from the high-risk loans originated between 2004 and 2008 have largely been cleared out of the distressed market pipeline," said Daren Blomquist, senior vice president at ATTOM Data Solutions.

The Hartford region had the second highest number of foreclosures in the state at 1,156, preceded by New Haven County with 1,189. Tolland County had the lowest number at 162.