Q2 Foreclosure Rates Fall In Connecticut

The number of foreclosures and serious mortgage delinquencies in the state fell in the second quarter according to new figures. It’s the first time the statistics have gone down in four years. WNPR’s Harriet Jones reports.

 

The numbers come from the Mortgage Bankers Association, which says that in the second quarter this year, 7.8% of Connecticut households were either three months in arrears on their mortgage, or in foreclosure. That rate is down from 8% in the first quarter, the first time the figures have seen a downward trend since 2006.

 

The Association says the decline may be due to loan modifications being worked out by lenders, who can change the status of a delinquent homeowner and report them as current on their mortgage after a modification. Connecticut’s delinquency rate runs slightly higher than that of New England, but well below the 9% rate for the county as a whole. The downward trend was also seen nationwide.

 

For WNPR, I'm Harriet Jones.