A recent Hartford Courant article, which cites a RealtyTrac report, indicates that foreclosure activity in Connecticut is among the highest in the country. According to the article, September 2013 was the 8th month in a row that Connecticut foreclosure activity increased over the prior year. On the contrary, foreclosure activity has been trending downward nationally on a year-over-year basis.
Per the article, Connecticut’s foreclosure filing rate ranks 6th highest among states; however, only a year ago Connecticut ranked 19th highest. The article attributes this increase to the fact that (1) major lenders tightened up procedures in verifying information on foreclosure documents and (2) Connecticut has a judicial foreclosure process, meaning a foreclosure must move through the court system and a judgment must be issued for it to take effect. Resulted delays caused an artificial slowdown in foreclosure activity and, per the article, those initially delayed are now accounting for the recent increase. In September 2013 alone, there were 1,514 first-time foreclosure notices in the state.
