Connecticut’s residential realty market in May continued to shed the dubious honor of having one of the highest foreclosure inventories in the nation, according to Corelogic.
Of all mortgaged homes in the state, 1.8 percent were in foreclosure in May. That’s still the 10th highest in the country, but down from 2.8 percent in May 2014, when Connecticut was in sixth place.
That year-over-year drop was the second highest in the country in May, Corelogic said.
Connecticut is one of 24 “judicial states,” which have longer average foreclosure timelines because state law requires lenders to issue delinquency notices through courts, rather than directly to borrowers.
Connecticut’s serious delinquency rate (mortgages 90 days past due or more) in May was 4.9 percent, down from 5.9 percent a year prior.
