  As thousands of homeowners default on subprime and predatory loans, foreclosure rates in Connecticut's big cities are beginning to rise dramatically. During the first half of 2007, the number of foreclosures in the Bridgeport/Norwalk/Stamford/Stratford/CT region spiked by 522 percent compared to the same period in 2006, according to RealtyTrac, a California-based company that compiles real estate trends. The agency found a similar pattern in the New Haven/Milford CT area, where foreclosures jumped 547 percent in 2007. The Hartford region experienced a 446 percent increase compared to the first half of 2006, according to RealtyTrac. The Association of Community Organizations for Reform Now, or ACORN, estimates foreclosures in the Bridgeport CT region will cost the economy $80 million. ACORN projects losses as high as $85 million in the Hartford region. ACORN's study predicts that foreclosures in Fairfield County CT will mostly occur in Bridgeport, Norwalk, Stamford and Danbury. "Nationally, the picture is equally bleak. The Center for Responsible Lending estimates 19 percent of subprime loans made in 2005 and 2006 will lead to foreclosure, and 1.7 million families will lose their homes. . The Mortgage Brokers Association estimates foreclosure proceedings began last year for 550,000 subprime loans. In all, there are $10 trillion worth of outstanding loans in the U.S. Subprime and predatory loans first appeared in the 1990s as a high cost, high interest way to refinance a loan. The packages were generally sold to older, lower-income and minority customers, according to Americans for Fairness in Lending. . Still, not everyone is convinced foreclosures attributed to the subprime market are the fault of predatory or deceptive lending. Some say consumers simply bought houses they could not afford. www.FairfieldCountyHomeInspection.com | 
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