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State Foreclosure Filings Up Dramatically In July


August 12, 2010

Connecticut foreclosure filings surged 22 percent in July compared with the previous month, according to a report to be released today, as homeowners continue to struggle with mortgage payments.

The number of properties with filings in July increased to 2,319, compared with 1,895 in June, according to RealtyTrac, the foreclosure tracking firm, which is releasing its monthly report of national and state-by-state foreclosure trends. The most recent month's filings were 48 percent higher than the levels reported in July 2009.

Today's report suggests that the state's foreclosure troubles have yet to peak. In Connecticut, 1 in every 622 households had a foreclosure filing in July worse than 1 in 762 households in June.

Even with the slide in July, Connecticut still fared better than the nation, in which 1 in 397 households had a filing. Connecticut ranked 20th highest in filings per households. The worst-hit state was Nevada with 1 in 82, while the healthiest, West Virginia, logged one 1 in 10,307, according to RealtyTrac.

Nationally, properties with filings totaled 325,229, a 4 percent increase compared with June, but down 10 percent from the same month a year ago. First-time default notices fell in July for the sixth straight month on a year-over-year basis. But that was offset by near-record bank repossessions, which rose year-over-year for the eighth straight month.

In Connecticut, 723 properties were taken back by lenders in July, the highest number since 757 were repossessed in March and more than double the 295 in July 2009.

The increase in repossessions suggests that lenders may be stepping up their efforts to push foreclosures through to their conclusion. Some banks and servicers have been allowing homeowners delinquent on their mortgage payments to remain in their homes longer.

Reprinted with permission of the Hartford Courant. To view other stories on this topic, search the Hartford Courant Archives at http://www.courant.com/archives.
| Last update: September 25, 2012 |
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