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Bridgeport, CT short sale and foreclosure report 2017:
Its been a decade since the CT housing market started to fall and despite some upward movement in the last few years, Bridgeport is still struggling. 30% of all Bridgeport sales are currently distress sales ( short sales or bank owned sales):
The peak of the market in Bridgeport in 2007 saw median sales prices of residences at $225,000. By 2011 sales prices had fallen by OVER 55% to a median of just $100,000!
While today's median sales price in Bridgeport has risen back up to $140,000 in 2017, that is still 40% shy of former peak values. Unfortunately, many Bridgeport homeowners purchased their homes or refinanced while values were high.
Recovery in Bridgeport has been particularly slow, leaving many of these homeowners owing more than their homes are worth, and without many options if they need to sell, leading to the continued high rate of foreclosures and short sales in Bridgeport, CT.