A new report issued today shows foreclosures are down in Connecticut and nationwide year over year. However, the percent of Connecticut homes in foreclosure does exceed the national average. Nationwide, the foreclosure rate was 1.2 percent of inventory. In Connecticut the figure is 1.8 percent, according to a report from the real estate analytics firm CoreLogic.
The firm also reports that the number of mortgages in serious delinquency (defined as 90 days or more past due, including those loans in foreclosure or REO) declined by 19.7 percent from October 2014 to October 2015 with 1.3 million mortgages, or 3.4 percent, in this category. This is the lowest serious delinquency rate since December 2007.
Connecticut also has 4.6 percent of its homes marked as in serious delinquency. The national percentage is 3.4 percent. Homes in serious delinquency have declined 1 percent year over year.
“Improved economic conditions and more foreclosure completions have pushed the foreclosure rate lower,” said Frank Nothaft, chief economist for CoreLogic. “The national unemployment rate declined to 5 percent in October, the lowest since December 2007, and the CoreLogic national Home Price Index has risen 37 percent from its trough.”
