July Foreclosure Rates In CT Increases

Connecticut saw a huge hike in its foreclosure rate in July, after several months of moderating figures. As WNPR’s Harriet Jones reports, the level of filings in July was almost 50% up on the same time last year.

 

There were more than 2,300 properties in Connecticut with foreclosure filings in July, up 22% from the 1,900 in June. That represents one in every 622 households in some stage of foreclosure during the month.

 

The figures come from online foreclosure data service RealtyTrac. The number of actual repossessions by banks also rose – lenders took back more than 700 properties, well above the rate taken at the same time last year.

 

The rate of bank repossessions has risen steadily throughout 2010, showing that lenders are less willing to draw out the expensive foreclosure process. Nationally, the picture is much worse than in Connecticut – around the country, one in every 397 homes is in foreclosure. Connecticut actually ranks 20th among the states for its foreclosure rate. Nevada’s foreclosure rate, the worst in the nation, stands at one in every 82 households.

 

For WNPR, I'm Harriet Jones.