Connecticut Foreclosure Inventory Has Declined By 23%

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Mortgage and Lending with George Souto NMLS #65149 FHA, CHFA, VA Mortgages NMLS #65149

Finally some good news for the Connecticut Housing Market.  Hartford Business.com reported earlier this week that the Connecticut Foreclosure Inventory Has Declined By 23% from the same time last year.

This is great news in many ways, but especially for Sellers.  One of the things that has caused the prices of homes to drop in Connecticut is foreclosures.

Even though most Appraisers will take into consideration if a recent sale was a foreclosure when they are putting their comps together, foreclosures still have an impact on lower the price a property will appraise at.  This ends up having a snowball effect not only in the price a property will be able to sell for, but also on a homeowners ability to refinance their property.

We still have to many foreclosed homes on the market, but this is a good step in the right direction in getting the Connecticut Housing Market health again.  Hopefully we will see more news like this, so the Connecticut Housing Market can get back to where it needs to be in 2017.

 

 

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 Info about the author:

George Souto NMLS# 65149 is a Loan Originator 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, #Moodus, #Chester, #Deep River, and #Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com

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 Info about the author:

George Souto NMLS# 65149 is a Loan Originator who can assist you with all your #FHA, #CHFA, and #Conventional #mortgage needs in Connecticut. George resides in Middlesex County which includes #Middletown, #Old Saybrook, #Middlefield, #Durham, #Cromwell, #Portland, #Higganum, #Haddam, #East Haddam, #Moodus, #Chester, #Deep River, and #Essex. George can be contacted at (860) 573-1308 or souto@snet.net

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Ed Silva 01/13/2017 06:10 PM
Topic:
Real Estate Market Trends
Location:
Connecticut
Groups:
Realtors®
Posts to Localism
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2017 Market Trend Reports
Tags:
foreclosures in connecticut

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Rainmaker
862,642
Les & Sarah Oswald
Realty One Group - Eastvale, CA
Broker, Realtor and Investor

That is great news. Foreclosure in Southern California is few and far in between. 

Jan 12, 2017 03:38 PM #1
Rainmaker
3,507,605
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

People are finally getting teh mesage also that short sales are not all they are cracked up to be and have stopped the insanity of just walking away from their homes.

Jan 12, 2017 03:43 PM #2
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Hannah Williams
Re/Max Eastern inc. - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-953-8818

George Souto  There are still foreclosures in my area also . They are also down . Hopefully we will soon see even less foreclosed homes on the market ..great post

Jan 12, 2017 04:55 PM #3
Rainmaker
1,672,502
Patricia Feager
DFW FINE PROPERTIES - Southlake, TX
Selling Homes Changing Lives

To my knowledge, there hasn't been a foreclosure in a long, long time. I'm glad to hear it's drying up in Connecticut and other parts of the country too. That was a long time for the people in CT.

Whew! I'll bet you'll be glad when you don't see them around there anymore.  

Jan 12, 2017 04:58 PM #4
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Ed Silva
RE/MAX Professionals, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

The foreclosed homes is not the only issue.  The ones that are on the market will get resolved, it's the phantom homes and those going through other pre-foreclosure processes like loan modifications or bankruptcy that will hit the market at some point

Jan 12, 2017 05:46 PM #5
Rainmaker
1,472,571
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Hi George - that certainly is good news and I hope it continues to improve and help the market.

Jan 12, 2017 06:38 PM #6
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2,641,354
Paul S. Henderson, REALTOR®,CRS,
RE/MAX Professionals. - Tacoma, WA
Tacoma Washington Agent/Broker & Market Authority!

Hey George Souto! Our foreclosure market is at a trickle right now however as I drive around I still see a lot of  boarded up homes owned by REOs or banks or holding companies. I'm glad they aren't dumping them all at once!

Jan 12, 2017 09:26 PM #7
Rainmaker
2,632,945
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

George Souto  my friend just as I just pinged you I wish I could ping Case-Schiller... they should read your post and be ashamed of their inaccurate Document of about two months ago or so... when they declared that the US Real Estate market is back on track and and they compared it to the top of the market before the crash....Endre

Jan 12, 2017 11:20 PM #8
Rainmaker
4,145,241
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Good morning George.  That is an excellent indication that the Connecticut real estate market is improving.

Jan 13, 2017 05:33 AM #9
Rainmaker
1,705,346
Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in North Kingstown RI and beyond

Well George that is amazing to here...let the banks clear out that CT inventory...a good word for sellers.

Jan 13, 2017 01:05 PM #10
Rainmaker
2,302,111
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

George Souto ~ good morning, George... this indeed is great news for your State and I know you must be thrilled with the trends.

Jan 14, 2017 05:10 AM #11
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