Connecticut has been reported to have the greatest increase in the problem of foreclosure this year. According to the data report, the state of Connecticut has witnessed a 136 percent increase in its foreclosure rate during the months of September and October. Nationwide, it has been found that there was a 5.11 percent increase in foreclosure activity. There has been about 95 percent increase in the number of foreclosure filings in Connecticut from what it was in the month of October, a year back. Economist Donald Klepper-Smith has said, “Things are going to get worse in the near term,” He has also said that the loss of employment together with a declining consumer confidence is going to worsen the economy and the real estate the next year that can even stretch to 2010.

Nationally, the banks took possession of 84,868 properties out of 279,561 homes. About a total of 520 homes out of 3,000 homes, have been taken over by the banks in Connecticut. The rise in foreclosure activity in Connecticut has been contributed by New Haven County that has witnessed 896 filings in the month of October. This was followed by the county of Fairfield that had 768 filings. There was however a decline in the number of foreclosure activity in Connecticut when the state-sponsored programs to fight foreclosure was introduced. According to real estate expert James Saccacio, further efforts are required in fighting with the problem of foreclosure.

The housing counselors, who are based in Connecticut, in a meeting, said that a low rate of interest on mortgages as well as moratoriums is required in getting rid of foreclosures. The state of California has witnessed a double-digit decline in its rate of foreclosure filings. Klepper-Smith said, “There is no evidence we are close to a bottom in the housing market. I expect the housing market to form a bottom next year because of further weakness in the job market.” He is expecting a job loss of nearly 60,000 to 80,000 by 2010.

Webster bank spokesman Steadham like Klepper-Smith has also said that the loss of employment is posing a big threat to the families. The aim is to help the distressed homeowners in paying off their mortgages. The Citigroup Inc. has already declared its moratorium. Both Webster and Citigroup Inc. have said that the moratorium is meant for those people who dwell in the homes and also meet the qualifications.

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A proposal for a six month suspension on foreclosures has been made by some lawmakers as the numbers of people unable to pay their mortgages are increasing. Three bills have been introduced with the purpose of providing relief to the mortgage climate and the proposal for moratorium is among them. According to the second bill the tenants would be able to live in the foreclosed houses for another year.

The final bill would enable the homeowners to challenge their foreclosures at court. This law is the same in another 29 states like Connecticut, Maine, Florida, etc. Specific categories of subprime loans would attract a moratorium of six months on foreclosures. This category covers loans which have been approved without finding out whether the borrowers can actually repay them. During the standstill period, the homeowner would be negotiating terms with the lenders to come to an affordable monthly payment and he would continue to pay his loan.

According to a spokeswoman from the administrative department, foreclosures of around 600 properties across the state became delayed since the passing of the law. Since the volume of foreclosures is steadily increasing and the real estate market is facing a low, the numbers of empty homes are also increasing. In Lawrence more than 800 homes are facing foreclosure and it’s the nation’s third highest number. William Lantigua, a representative from Lawrence said that all the three measures taken by the bills were essential for bringing about stability to the Lawrence real estate market. The huge numbers of vacant homes were attracting vandals and thieves. Anthony Verga, a representative from Gloucester district said that it is unfair to throw the tenants out as the entire neighborhood is destabilized. He supports moratorium as it would give people a chance to negotiate and come to an agreement.

In 2007, Essex County had faced a hike of 65 percent in the rate of foreclosure while in Cape Ann, the hike was 47 percent. The foreclosure crisis was triggered off by the increase in the interest rates of subprime loans. These loans had adjustable rates and when the rates increased, people were unable to afford it. Since the real estate market was facing a low, the homeowners could not get rid of the problem by selling off their properties as the loans amounted to more than the property’s value. Tucker, a Democrat who is the chair of the Legislature’s Housing Committee, said that she would rather face the risk of foreclosure than lose lenders, scared away by moratorium. Lenders were essential as the credit was needed so that people were able to buy homes.

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The foreclosure rate has been soaring and has jumped up by 57 percent in January over last year as lenders are taking possession of more and more houses. The lenders take possession of houses when they have been able to sell off these properties at auctions.

Across the country in January, over 233,001 homes were served with lenders’ notices as they had heavy defaults. If compared to last year, the figure was 148,425 notices. California based foreclosure analysis firm observed that almost half of these notices were served as “first – time” notices, which means that there are many new defaulters on the brink of having to face the foreclosure process.

This situation has arisen despite many of the efforts taken by lenders to help borrowers manage their mortgage plans. Many of them have modified loan plans, have reworked long-term repayment schedules mortgage terms.

RealtyTrac’s Vice President (Marketing), Rick Sharga states that people are increasingly falling into the defaulter’s list and a greater percentage of such properties are staying with the banks. The nationwide ratio of foreclosures was standing at 1:534, which means that one out of every 534 homes is facing the foreclosure wrath.

With an increase of approximately 118 percent, Arizona ranked fourth in the foreclosure list. RealtyTrac reported that over 9,000 filings have been recorded in January alone. Ranked first among the metro areas is The Cape Coral – Fort Myers area and Stockton, California is a close second. The tallied figures show an increase of 8 percent when compared with December 2007 data records.

Efforts being made to help borrowers are not yielding much as Rick Sharga comments, “The loan workout modification programs aren’t having a significant material effect on keeping properties from going back to the banks”. Repossessions by the banks showed a whopping 90 percent increase over January 2007. Even purchases by investors are not coming by for the houses reclaimed by the banks. This proves that real estate prices are falling and affecting the housing market in many areas.

The states having the highest foreclosure rates are California, Florida, Arizona, Colorado, Massachusetts, Georgia, Connecticut, Ohio and Michigan. Nevada topped the charts with 6,087 properties receiving at least one filing. With more and more statistics pouring in, it only indicates that the housing market is further slipping down. Despite the many measures taken by the Bush’s administration and the lenders’ associations, many homeowners are yet to see the light at the end of the tunnel.

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