Connecticut Foreclosure Filings Dip in May
Posted on June 30th, 2011
Residential properties in Connecticut with active foreclosure filings in May fell slightly compared with the previous month, according to a report released Thursday, in line with activity on distressed properties nationally.
Properties with foreclosure filings in Connecticut totaled 1,280 last month, down 1 percent, compared with 1,292 the previous month, according to the report from RealtyTrac, the foreclosure tracking and marketing firm, which released its national and state-by-state monthly report.
Connecticut’s decline compares with a 2-percent drop nationally in May. The state has now seen 10 consecutive months of year-over-year declines in filing activity.
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May’s decline in Connecticut was steeper when compared with the same month a year ago, plunging 39 percent. Nationally, the total for May dropped by 33 percent.
But RealtyTrac warned about drawing conclusions from the statistics, which appear to indicate an easing of foreclosure troubles.
“Foreclosure processing delays continue to mask the true face of the foreclosure situation,” James J. Saccacio, RealtyTrac’s chief executive, said.
Demand also remains weak for foreclosed properties, despite low mortgage rates, making it difficult for lenders to unload foreclosed properties.
Connecticut had one property in foreclosure in May for every 1,130 households, ranking it 30th highest among all states. The state’s ranking was unchanged from the previous month.
For a state by state ranking:
hc-realty-trac-0617-20110616
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Tags: Foreclosure Filings, May
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