CoreLogic reports that for December 2016, there were 3,752 completed foreclosures in Connecticut, a nearly 25 percent decline from the 4,974 recorded in the same year-ago period. Nationally, there were 384,161 completed foreclosures in December 2016, a 24 percent decrease from December 2015’s figure of 506,171.
Connecticut’s foreclosure inventory declined in December by 22.9 percent at a rate of 1.4 percent, while the national average decline was almost 30 percent.
The number of mortgages in serious delinquency in the Nutmeg State was down by 20.9 percent at a rate of 3.4 percent for the month. “Serious delinquency” is defined as 90 days or more past due including loans in foreclosure or real-estate-owned properties.
“Foreclosure and delinquency trends continue to head in the right direction powered principally by increasing employment levels, stringent underwriting standards and higher home prices over the past few years,” said Anand Nallathambi, president and CEO of CoreLogic. “We expect to see further declines in delinquency and foreclosure rates in 2017.”