Connecticut Foreclosures Appear To Be Steadying

Foreclosures in Connecticut in the first quarter show that the crisis may be stabilizing. As WNPR’s Harriet Jones reports, foreclosures remain at high levels, but seem to have stopped rising.

A report from the Mortgage Bankers Association shows that foreclosures and seriously delinquent loans represented just over 8% of all mortgages in the state in the first three months of this year. The rate is more or less level with the same numbers from the first quarter of 2009.

The foreclosure rate represents one in 12 households in Connecticut that have either received a filing or are more than 90 days behind on their loan. That’s marginally better than the national rate of one in ten homes, or 9.5%, but represents a higher rate than New England as a whole.

There’s some disagreement about whether the foreclosure rate is truly turning. While the employment picture is improving, experts warn that there may still be another wave of foreclosures to come as more adjustable rate mortgages reset.

For WNPR, I'm Harriet Jones.