Difficult Foreclosure Decisions

Have you been delaying making some hard decisions about filing bankruptcy, hoping that the value of your home will increase? Given the grim housing market in New London County, it may be time to contact Attorney Gregg Wagman to discuss if now is the right time to file.
In New London County, 1 out of every 869 properties is currently in foreclosure, and statistics show that real estate values are failing to rise. Stonington’s Sound Investment Consultants issued a report which showed that while the county’s home sales increased 12.4 percent over last year, the median selling price fell nearly $5,000 to $210,000. The Day newspaper reports that prices are still 30 percent below their 2007 peak.
According to a report released by RealtyTrac, home foreclosure filings in Connecticut have increased 88 percent over last year. In January, 1,976 properties were in some form of foreclosure, compared to 1,050 last year. The vast majority of these properties – 1,200 – were in the very earliest stages of foreclosure, while 200 foreclosure sale notices were issued and 576 homes were actually repossessed.

Statewide, one out of every 752 residential properties faced foreclosure, up from one out of every 1,050 for the same month a year ago. Connecticut’s percentages earned it the sixth highest percentage ranking in the country.
According to the Hartford Courant, Daren Blomquist, vice president at RealtyTrac, said the 88 percent increase in January is the continuation of a pattern seen over the last year. From February 2013 to January 2014, each month showed a year-over-year increase in the number of properties with foreclosure filings, he said.

“This rebound in foreclosure activity is the result of foreclosures delayed by processing, paperwork and foreclosure prevention initiatives finally making their way through the system.” Blomquist told The Courant. “We expected to see this rebound ever since the foreclosure numbers dropped artificially after the robo-signing controversy hit in late 2010.”

Les Bray, principal of Sound Investment Consultants, told The Day that Connecticut’s judicial foreclosure review process has further impacted the market’s recovery by slowing the the sale of foreclosed properties.

The number of homes newly in foreclosure, combined with the foreclosed homes already on the market, means depressed prices for residential real estate across the board. Now may be the right time for you to consult with Attorney Gregg Wagman regarding your options.

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