The Hartford Courant ran a article last week reporting that Foreclosures In Connecticut Seem To Be Slowing Down after they skyrocketed in July. While this is good news, it does not mean that we are not continuing to see increases in foreclosed properties in Connecticut.
It is important that when we see news articles like this that we do not over react one way or another. We need to be careful, because "foreclosure activity in 2011 was artificially low", in 2011 as a result of the investigations, and court cases that were going on because of "robo-signing". So 2011 is not a good indicator to measure foreclosure activity by, however, it does provide excellent shock factor for the New Media.
What I came away with from this article is that July had a very high number of reported forclosures, but that since then the numbers have been declining, and that is a good thing. How good a thing it is, only time will tell.
The article did point out one more statistic that I found interesting, and that was that Connecticut did not follow the National trend. While Connecticut is reporting a slight increase in foreclosure fillings, Nationally foreclosure fillings are down by 16%. The article did not go into any reasons for this difference, but it would be interesting to know why the big difference between Connecticut, and the National average.
So while Foreclosures In Connecticut Seem To Be Slowing Down, it appears that Connecticut still has a long way to go before we get to where we need to be.
*************************************************************************************
Info about the author:
George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com
Comments(10)