Foreclosures Drop Last Month; Attributed To Foreclosure Freeze
By KENNETH R. GOSSELIN
December 16, 2010
Connecticut foreclosure filings fell sharply in November compared with the previous month, according to a report to be released today, but that is likely the result of the foreclosure freeze rather than any major improvement in the market.
There were 1,050 properties with foreclosure filings in November, down nearly 50 percent compared with 2,077 in October, according to RealtyTrac, the foreclosure tracking firm, which is releasing its monthly report of national and state-by-state numbers.
The November filings also were about 50 percent lower than November 2009.
The Connecticut numbers mirrored a decline nationally in November compared with the previous month, though Connecticut's was deeper. Nationwide, properties with filings fell 21 percent in that period.
James J. Saccacio, RealtyTrac's chief executive, said the tracking firm typically sees a fall-off in filings in November, but that doesn't fully explain the double-digit declines seen nationally and in many states.
"Fall-out from the foreclosure robo-signing controversy forced lenders and servicers to hit the pause button on many foreclosures while they scrambled to revamp their internal procedures and revise or resubmit questionable paperwork," Saccacio said.
Foreclosure freezes, imposed in October, have been largely lifted, and sales of foreclosed homes are beginning to resume. That result suggests a more accurate picture of foreclosure trends will re-emerge in the coming months.
In Connecticut, one in every 1,374 households had a foreclosure filing in November, far better than the figure of one in 695 in October.
Connecticut continued to fare better than the nation, where one in 492 households had a filing. Connecticut ranked 38th in filings per household in November, compared with 26th the previous month.
Reprinted with permission of the Hartford Courant.
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