Connecticut’s foreclosure rate is showing improvement but it still lags behind the national average. For April 2016, 1.7 percent of Connecticut homes with a mortgage were in foreclosure. The national rate was 1.1 percent.
Overall, the state’s foreclosure rate was a 16.9 percent improvement over April 2015, according to CoreLogic, a property information and analytics provider. Completed foreclosures for the 12 months ending April 2016 was 2,669, compared to 5,246 for the 12 months ending April 2015.
The serious delinquency rate in Connecticut, which measures homes more than 90 percent past due, is 4 percent, down 24.5 percent from the year-ago period. The national delinquency rate is 3 percent.
As of April 2016, the national foreclosure inventory included approximately 406,000, or 1.1 percent, of all homes with a mortgage compared with 530,000 homes, or 1.4 percent, in April 2015. The April 2016 foreclosure inventory rate is the lowest for any month since September 2007.
“The recovery in home prices and improved labor market have contributed to the drop in seriously delinquent rates,” said Frank Nothaft, chief economist for CoreLogic. “Over the 12 months through April, the CoreLogic Home Price Index for the U.S. rose 6.2 percent and the labor market gained 2.6 million jobs. We also found that the seriously delinquent rate fell by about three-quarters of a percentage point.”
The foreclosure inventory represents the number of homes at some stage of the foreclosure process and completed foreclosures reflect the total number of homes lost to foreclosure. Since the financial crisis began in Sept. 2008, there have been approximately 6.2 million completed foreclosures nationally, and since homeownership rates peaked in the second quarter of 2004, there have been approximately 8.3 million homes lost to foreclosure.
