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Connecticut Foreclosure Rate |
Connecticut Foreclosure Rate according to the statistics is among the top ten states in US with Windham county and New Haven County at peak in terms of foreclosure rates. At present there are around 3,697 properties that are facing foreclosure and there has been seen 185% hike in the CT foreclosure rates as compare to previous years.
Highest Foreclosure States
The rate of foreclosure is increasing in most of the US states with the increasing number of homebuyers who use home mortgage loans to buy their homes. Top ten states in US with highest foreclosure rate are:
- Nevada
- California
- Florida
- Arizona
- Colorado
- Massachusetts
- Georgia
- Connecticut
- Ohio
- Michigan
Reason for hike in CT Foreclosure Rates
Hike in the Connecticut foreclosure rate is the result of predatory lending practice. Back in the year 2004-2005, most of the homeowners had taken adjustable rate mortgage, ARM. The reason behind taking ARM was the thinking that interest rates would come down, making the monthly mortgage payment down. But according to the Connecticut foreclosure statistics things had gone directly opposite to what was expected. The interest rate went up. Another bad thing that had happened with this was economic recession and job loss. The combination of all these has resulted in the growth of CT foreclosure rates. Furthermore the slower housing market continue to drive up the Connecticut foreclosure rate.
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Many people who are fighting with foreclosures find bankruptcy as the only available option. But this is not the case. To stop the further growth of foreclosure rate in Connecticut, Government and private agencies are working hard towards this issue. Housing Counseling Agencies approved by HUD can be contacted well on time for mortgage counseling, loss mitigation help, money debt management, post purchase and pre-purchase counseling etc that can really help you in saving your home thus helps in reducing the Connecticut foreclosure rate. Along with this you can also contact the Connecticut Housing and Finance Authority (CHFA) for assistance if you are also suffering from subprime mortgage.
All in all the lending practice need to be more strict to reduce the foreclosure rate in Connecticut. People with low income or poor credit must be given loan accordingly so that they do not end up in foreclosure. For more information on Connecticut foreclosure rate, laws, listings, mediation etc check the other pages of Realestatezing.com.
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