Connecticut Foreclosure Inventory Has Declined By 23%

Reblogger Ed Silva
Real Estate Agent with RE/MAX Professionals, CT 203-206-0754 REB.0759001
http://activerain.com/droplet/4ZcR

We have a housing market here in Connecticut that is still lagging the rest of the country in recovery. For the past couple of years almost 48% of sales in our state have been foreclosures and short sales.

In this past year, the number of foreclosures in the state have declined greatly and as this number lowers the values of the homes in neghbirhoods were they were will start to rise as well. 

Original content by George Souto 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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Topic:
Real Estate Market Trends
Location:
Connecticut New Haven County
Groups:
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Connecticut Professionals
City and State
Tags:
buying foreclosures in ct
selling foreclosures in ct

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Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

That is a good sign that market recovery has arrived. Our appraisers don't use foreclosures as comp sales because our market is now strong.

Jan 13, 2017 06:26 PM #1
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Nathan Gesner
American West Realty & Management - Cody, WY
Broker / Property Manager

This is a good sign. I expect more great things in 2017!

Jan 14, 2017 05:10 AM #2
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Ed thank you for re-blogging my blog.  Let's hope 2017 is the year we finally see the housing market turn around in CT.

Jan 14, 2017 10:31 AM #3
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