Connecticut may have landed on the least desirable end of a national foreclosure statistic in September, but experts say the state's ranking isn't that surprising.
That's because they say the number of foreclosures during the month — one home in every 677 — was more the result of backlog than it is attributable to new activity.
"What we're seeing in Connecticut is the end result of kicking the can down the road," Daren Blomquist, vice president at RealtyTrac, told the Hartford Courant.
Foreclosures must be processed through the courts in the state and that, coupled with a delay brought on by the robo-signing scandal, led to the backlog, according to The Courant.
Report Sheds Light on September Foreclosure Activity
Connecticut's ranking — sixth highest in the country — is a conclusion based on data released in a report Thursday, Oct. 10, by RealtyTrac. The state was 19th in the nation last September, a change which represents a 69% increase in foreclosure activity.
Nationally, RealtyTrac reports, the 131,232 foreclosure filings in September represent a 2% increase from a month earlier, but a 27% decrease from a year ago.
The majority of metro areas saw a decrease in foreclosure activity, but Hartford was one of 64 that saw an increase (up 74%).
“The September and third quarter foreclosure numbers show a housing market that is haltingly returning to health,” said Daren Blomquist, vice president at RealtyTrac. “In a healthy housing market foreclosures are rare but streamlined while still protecting the rights of the homeowner. While foreclosures are clearly becoming fewer and farther between in most markets, the increasing time it takes to foreclose is holding back a more robust and sustainable recovery."
Average Number of Days to Complete Foreclosure
- 1,037 in New York (most in the U.S.)
- 693 in Connecticut (5th highest in the country)
- 551 nationally
- 160 in Maine (lowest in the U.S.)