Foreclosure filings around the country slowed in February, according to online service RealtyTrac, showing their smallest increase in four years. But as WNPR’s Harriet Jones reports, Connecticut did not follow the trend.
Compared to February last year, foreclosure filings around the nation rose just 6%, which is the smallest annual increase since 2006. Compared to January, the figures actually fell 2%. But Connecticut saw a bigger hike in its filing rate, of 3.4% from January.
The state is currently considering whether to re-authorize its foreclosure mediation program for another year, which is generally credited with a measure of success in allowing hard pressed homeowners some breathing room. RealtyTrac executives say the leveling of the numbers nationally is likely due to the success of foreclosure prevention measures, but probably doesn’t reflect a true drop off in the financial pressures. Foreclosures are still being driven by rising unemployment, in addition to a greater number of resets on adjustable rate mortgages.
For WNPR, I'm Harriet Jones.