Archive for the 'Connecticut Repo Homes' Category

Online foreclosure monitoring service, RealtyTrac has released its data showing the state of Connecticut in the 19th position in terms of house repossession filings in April 2009. The state registered 2,174 filings in April, an increase of 25 percent from the same month last year.

Meanwhile, RealtyTrac’s U.S. Foreclosure Market Report noted foreclosure filings in 2,885 properties in March, representing 30 percent increase in February and 36 percent from figures of March 2008.

For the first quarter, Connecticut reported foreclosure filings on 5,876 properties, a 7 percent decline from the last quarter and 23 percent drop from the first quarter the previous year.

RealtyTrac Chief Executive Officer James J. Saccacio said that there was a significant decline in foreclosure activity in Connecticut in the first quarter. He said that the decline in foreclosure activity is significant considering that the state’s unemployment rate is playing along 7 and 8 percent.

However, he pointed out that the housing market in Connecticut is still not on its way to recovery as there was a significant increase in foreclosure activity in the state in March. For the quarter, Connecticut was in the 27th spot in terms of the total number of house repossession filings with one per 245 homeowners receiving notices of default. The state’s foreclosure rate ranked 15th nationwide.

The biggest contributor to the state’s foreclosure activity is New Haven County which reported about 1,746 houses with filings of foreclosure. Nationwide, Connecticut’s share in the 803,489 homes with foreclosure filings was less than 1 percent in the first quarter.

Meanwhile, Connecticut’s Mortgage Foreclosure Assistance Hotline receives 41 calls daily from distressed homeowners trying to find ways to prevent foreclosure from taking their properties or communicate with their lenders.

On the other hand, the Connecticut Housing Finance Authority (CHFA) is operating the Connecticut Fair Alternative Mortgage Lending Initiative and Education Services Program or CT Families. The program allows eligible borrowers to refinance loans with adjustable rates.

Aside from the CT Families program, the CHFA also provides the Emergency Mortgage Assistance Program which aims to offer relief to troubled subprime mortgage borrowers who are at-risk of foreclosure because of some mitigating circumstances.

CHFA’s marketing and customer service coordinator Rose Holbrook said that state residents have been showing interest in saving their properties from foreclosure. She said that CHFA has been receiving 1,700 calls every month from homeowners who want to know about the house repossession prevention program, a decline from 3,000 calls since July 2008.