Foreclosures Aren't Down, They're UP!

The Waterbury Republican-American recently called on Attorney Melchionne for feedback on recent foreclosure numbers. The story ran under the headline “Foreclosure Filings Down”. A quick look at the numbers and you will wonder why it doesn’t read “Foreclosure Filings UP”.

Compared to foreclosures filed in Connecticut in February 2013, the numbers of cases being filed were UP more than 40%. So measured from year to year, 40% more people in Connecticut are being exposed to losing their homes. Connecticut currently ranks
6th in the nation for new foreclosures. Since we are a small state, that is a very big thing. One in every 898 homes in the state had a foreclosure started against it in February.

Some more numbers: The number of foreclosures completed in January 2014 was UP a stunning 162% over the same period in 2013. Eighteen percent (that’s 18%) of homes in foreclosure resulted in a family losing their home to the lender; 410 families put out onto the street. That is an increase over 2013 also. There are currently 723,967 foreclosure cases pending in Connecticut.

Does this make you feel warm and fuzzy? But what about the news reports that real estate is making a comeback? Take a look around and ask yourself, “do I see families moving out of their homes because they sold them to move to a better place, or are they moving out because they’ve lost their homes to foreclosure?” You know the truth.