The Law Offices of Ronald I. Chorches

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How at risk of foreclosure are Connecticut homeowners?

As warm weather has swept across the nation this summer, good news has begun to shine through when it comes to the rate of foreclosures in some of states that were hit hardest during the financial collapse in 2008 and 2009. Among the states that were most impacted by the recent foreclosure crisis, Connecticut was the fifth most affected and, despite some improvements, continues to be be.

During June of 2017, ATTOM Data Solutions reported that the country's foreclosure rate improved significantly for the first time since November of 2015. June of 2017 marked a decrease in foreclosures by as much as 22 percent, for the first time in many years. Currently in the United States, there are just under 75,000 total properties in foreclosure.

AATOM highlights how, in their mid-year analysis of foreclosure statistics, they've noted that these types of properties have become very hard to come by. They contend their rarity in today's society has made them much more sought after by buyers. In states like Connecticut, that continue to experience higher-than-average foreclosure rates, homeowners continue to struggle paying their mortgages on a monthly basis.

In Connecticut in particular, one out of every 200 homeowners currently find themselves facing foreclosure. That number equates to an increase of nearly 45 percent over the time frame between January and June of 2015 and a 3 percent increase over the 2016 rate from across those same months.

When it comes to 10 states with the most foreclosures, Illinois, Maryland, Delaware and New Jersey have worse rates than Connecticut. In New Jersey alone, one out of every 101 homeowners is believed to be facing foreclosure.

Only Nevada, Florida, South Carolina, Ohio and New Mexico have less foreclosures than Connecticut among the top 10. One in every 272 homeowners in New Mexico has been threatened with a foreclosure.

If you're facing foreclosure and you want to learn about the options that may exist to allow you to keep your home, then you may benefit from discussing your case with a Hartford, Connecticut, bankruptcy attorney.

Source: Realtor.com, "10 States Facing the Most Foreclosures Right Now," Paige DiFiore, July 20, 2017

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The Law Offices of Ronald I. Chorches

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