Foreclosure filings in Connecticut rose 100% in 2007 compared to the previous year. According to new figures, almost one percent of households in the state went into foreclosure last year.
The tally comes from RealtyTrac an online foreclosure marketplace, which says that for all of 2007, Connecticut ranks 16th among the states for its foreclosure rate. The percentage of houses in foreclosure in the state hovers just below the national average, but the rate of increase in filings has been startling. Comparing the fourth quarter of 2007 to the same period in 2006, there were 34% more filings.
Connecticut senator Christopher Dodd meanwhile is calling for much more help for families facing foreclosure. Dodd will convene a Senate Banking Committee hearing Thursday that will reexamine the nationâ€™s housing woes. He says the recent stimulus package doesnâ€™t go far enough.
"$145, $150 billion stimulus package in an economy of $13 to $14 trillion is almost like a pebble in Lake Michigan. We need to be talking about much more in the short term, the mid term and the long term, if youâ€™re going to achieve the kind of confidence and optimism that people need to have and understand coming from their leadership in this country."
Dodd is again calling for reform of the Federal Housing Administration, as well as more help for local governments attempting to deal with waves of foreclosures.