Market share of Connecticut distress property sales dropped slightly to a rate of 15% so far in 2018. 1 in every 7 sales in the state is currently a short sale or an REO sale (bank owned foreclosed property).
2018 Connecticut short sale and foreclosure market report:
Short sales currently account for 2% of home sales and REO’s for 13%. This is down from 16% in 2017:
Short sales and foreclosures will always be around, however they were not tracked by the Connecticut MLS until 2009, so it is hard to say what a “normal” rate of distress sales would actually be. In the last few years increased buyer demand and decreasing inventory in CT have led to home values rising. This has left far fewer homeowners to have to short sell or foreclose as they are no longer underwater. However, recovery in Connecticut has been slow, still leaving many with negative equity.
Last Updated on August 10, 2018 by Minna Reid