Connecticut’s foreclosure rate, while improved, is still lagging behind the national average. It has shown a year-over-year decline.
CoreLogic, a property analytics firm, said Connecticut’s foreclosure rate was 1.7 percent in March, down from 2 percent a year earlier. The number is based on homes in foreclosure out of all mortgages in the state.
As of March 2016, the national foreclosure inventory included approximately 427,000, or 1.1 percent, of all homes with a mortgage compared with 556,000 homes, or 1.4 percent, in March 2015. The March 2016 foreclosure inventory rate is the lowest for any month since October 2007.
Connecticut’s serious delinquency rate stands at 4.2 percent. That is a 22 percent improvement from March 2015’s tally of 5.3 percent.
CoreLogic also reports that the number of mortgages in serious delinquency (defined as 90 days or more past due including loans in foreclosure or REO) declined by 19.1 percent from March 2015 to March 2016, with 1.2 million mortgages, or 3.1 percent, in this category. The March 2016 serious delinquency rate is the lowest in more than eight years, since November 2007
