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Foreclosures Rise 34 Percent in Connecticut

The nation's foreclosure situation has improved, but the news in Connecticut is less positive.

Nationally, foreclosures are at a five-year low. That’s not the case in Connecticut, according to RealtyTrac, which reports 34 percent in foreclosures from the previous. The real estate information company attributes the increase to Connecticut’s court-based foreclosure process. 

Twenty-five other states share a similar judicial foreclosure process, and thirteen of those bucked the national trend and saw more foreclosures.

Foreclosure filings totaled 180,427 in the U.S. in September, down 7 percent from August and 16 percent from September 2011. The last time the foreclosure rate was so low was in July 2007.

“We’ve been waiting for the other foreclosure shoe to drop since late 2010, when questionable foreclosure practices slowed activity to a crawl in many areas, but that other shoe is instead being carefully lowered to the floor and therefore making little noise in the housing market — at least at a national level,” said Daren Blomquist, vice president at RealtyTrac, in a written statement.

He added, “Make no mistake, however, the other shoe is dropping quite loudly in certain states, primarily those where foreclosure activity was held back the most last year.”

Connecticut recently won a $1.5 billion settlement from banks, and the money is earmarked to go to people who had their homes foreclosed.

Will Wilkin October 13, 2012 at 03:47 PM
As the American economy is more and more dismantled through offshoring of our industries, less wealth creation is possible and more people lose their place in an increasingly fragile economy. That's because the wage losses ripple through beyond the exported industries, the losses are being kept at the bottom of society and the more people finding themselves there as the remaining wealth is syphoned upwards. Maybe former Oxford Supt. Palmer was right about claiming "emotional anguish" over losing $5000 pay as she jumped to another 6-figure job, but we can then only wonder how big that mental health problem will get out there as the economy is more and more looted by the rich exporting our jobs for windfall and enjoying rock-bottom tax rates as SS and Medicare, the last nets keeping tens of millions out of poverty, are targeted for bipartisan sunset: http://rooseveltinstitute.org/new-roosevelt/debt-unemployment-and-income-inequality-are-public-health-issues
Will Wilkin October 13, 2012 at 03:48 PM
http://www.quora.com/Matthew-Carroll/US-Economy-Macroeconomic-Development-Tax-Policy-Income-Inequality/Bloomberg-Income-Inequality-Widens-to-Largest-in-over-Century-Top-1-got-93-of-Income-Growth EXCERPT: The divergent fortunes of Reyes and Hemsley show that the U.S. has gone through two recoveries. The 1.2 million households whose incomes put them in the top 1 percent of the U.S. saw their earnings increase 5.5 percent last year, according to estimates released last month by the U.S. Census Bureau. Earnings fell 1.7 percent for the 96 million households in the bottom 80 percent -- those that made less than $101,583. The recovery that officially began in mid-2009 hasn’t arrived in most Americans’ paychecks. In 2010, the top 1 percent of U.S. families capturedas much as 93 percent of the nation’s income growth, according to a March paper by Emmanuel Saez, a University of California at Berkeley economist who studied Internal Revenue Service data. END EXCERPT

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