Connecticut Foreclosures Slowing

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Connecticut Foreclosures Slowing

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Connecticut has one of the highest median annual salaries in the nation at almost $52,000. That number, despite a state unemployment rate over 9 percent, jumped over $8,000 from 2010. The bulk of the gains in salary came from white-collar jobs. Even considering healthy income levels, Connecticut ranks high in the number of homes under water.

Approximately 10 percent of Connecticut homes have mortgages that are 120 percent of the value of the home. And the state ranks 30th in the nation for the number of mortgage delinquencies. Although slightly lower than the first quarter, in the second quarter of this year, over 7 percent of all mortgages in Connecticut were paid late.

At the end of the second quarter almost 5 percent of all loans in Connecticut were in foreclosure, up slightly from the first quarter. As a point of reference, nationally, the mortgage delinquency rate was 8.1 percent, foreclosures were 1 percent and the number of loans in foreclosure was 4.4 percent.

Connecticut is an interesting anomaly in that the median wage is up from last year and has a good job market. Some people are still able to pay their mortgages. Income stability is such that they are able to take advantage of low interest rates and refinance their loans.

A Connecticut mortgage broker, Ryan Raveis of William Raveis Mortgage, says based on everything that is going on, it would seem that there would be more foreclosures. He said the trend toward fewer delinquencies and foreclosures is a direct reflection of a job market that has begun to stabilize.

Connecticut is one of a handful of states that have good property values and a reasonably stable job market. Add historically low mortgage interest rates and Connecticut has one of the lowest mortgage delinquency rates in the country. If this trend holds, there is a good possibility foreclosure filings will continue to slow.

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Tags: • broker • refinance • foreclosure • mortgages • foreclosures • connecticut • foreclosure filings • mortgage interest • property values • mortgage broker • interest rates • low interest • mortgage delinquencies • mortgage interest rates • low interest rates •

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