From Alexander Soule and Keila Torres Ocasio, CT Post:
According to foreclosure statistics compiled by the Connecticut Housing Finance Authority, Bridgeport continues to be one of the few communities in the state struggling with a high number of foreclosures. The city reported 246 foreclosure filings in 2015, the highest rate in Fairfield County and the third-highest in the state, behind New Haven and Waterbury.
The city, however, did see a significant dip in 2015 compared to the previous year, when there were 437 foreclosures. As of June, the city was on track to match last year’s totals.
See full story here.
Twelve years working for banks, originating mortgages, shadow inventory is most likely skewing the numbers.
Anyone surprised? I’m actually a little surprised the numbers aren’t even higher. Just as a relevant point of information, I know someone who lives in Nob Hill who thought they would be forced into foreclosure this year. It was only the lower city tax bill due to the implementation of the reval that allowed them to squeak through more year. Any tax increase would have assured them of an untenable situation. UI’s proposed rate increase might force their hand anyway, when all’s said and done. Their Nob Hill common charges were increased this year, so the UI increase with that situation might be enough to offset the benefits of their tax decrease.
This state is absolutely brutal on working people, and the “Fairfield County effect” magnifies the effects of this state’s ridiculous cost of living and shipwrecked economy.
In a place like Bridgeport, exposed to the “Fairfield County effect” in the context of the awful state economy, it is pretty much impossible for working people with mortgages and Fairfield County rents to hang on.
In a shaky state economy, an economic renaissance for the state’s socioeconomically unstable, largest city is imperative. If Bridgeport falls, watch the domino effect on the rest of the state.
The banks could resell these foreclosures in a timely fashion if they chose to. The tax write-offs are too profitable for them so they stall or hold onto this real estate for years. All banks have a real estate division, after the legal technicalities are completed, they can assign them to designated agents “for sale” at relative market value. As long as these properties remain nontaxable and are allowed to deteriorate, they devalue surrounding real estate. Low value, high taxes. We can’t win.
Lisa, good points except for the nontaxable statement. While the laws are different in every state, in CT the REO (bank owned foreclosed properties) banks are required to pay property taxes when due, and are subject to the same interest and fees due just as a delinquent homeowner.
Thanks, Jen; I was wrong on that. See, that’s why I leave the bank issues to the pro’s like you. I just take care of the RE.
Zillow shows 1027 foreclosures in Bridgeport:
I wonder how many of these were initiated by the WPCA vultures?
I would trust Zillow’s count of 1027 more than the city’s count of 246.