Taking a cue from a post by Lenn Harley I decided I should research the status of my market for short sales, foreclosures and REO properties.
While Connecticut has not been hit as harshly with a declining market as there are in other parts of the country, we are starting to see more foreclosures and short sales in recent months.
Through some tweaking in my MLS search to identify properties that are short sales, I found 36 homes and 4 condos that specifically stated they were short sales out of approximately 1654 homes and condos currently listed in my primary market of Branford, East Haven, Guilford, Madison, North Branford and New Haven.
Of course not being satisfied with this somewhat vague information from the MLS, I proceeded to do some further research and found a trusted real estate and information provider of timely and reliable real estate data on foreclosure and REO properties in my area.
Now here's where things got a little more interesting. In all of New Haven County which consists 27 towns, there are a total of 568 foreclosure auction homes and 518 REO properties. Breaking these statistics down further the numbers are as follows for the towns in my primary market area.
|
Town |
Foreclosures |
REO |
|
|
|
|
|
Branford |
144 |
4 |
|
East Haven |
54 |
11 |
|
Guilford |
13 |
11 |
|
Madison |
9 |
3 |
|
New Haven |
142 |
122 |
|
North Branford |
10 |
7 |
|
|
|
|
|
Totals |
372 |
158 |
Digging a bit deeper, the bigger surprise came when I found out how many homes are in lis pendens, In my primary market area there are currently 2632 homes in lis pendens and for all of New Haven County there are a total of 4930 homes in lis pendens.
All of this brought me to the conclusion that we should all continually monitor the trends in our respective real estate markets very closely so we can properly educate our buyers and sellers.
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Contact Donna Bigda, ABR, SRES, e-PRO, Realtor®, RE/MAX Alliance Licensed Realtor® in the State of Connecticut at 203-488-1641, ext. 214 to list your property for sale or to purchase a property in Branford, Guilford, Madison, East Haven, New Haven and the rest of shoreline area in New Haven County Connecticut.
If you're thinking about buying a home in Branford CT there are plenty of great buys in today's market and now is one of the best times to buy while interest rates remain low. For more information on Branford CT real estate homes or condos, see Branford CT real estate or sign up today to get access the hottest new listings here Branford CT homes and condos.
Disclaimer: All information provided by this author is strictly an opinion, is not guaranteed, may be based on information collected from several sources, which may or may not be deemed reliable at the time of researching this article and may be time sensitive
Copyright © 2008 by Donna Bigda, All Rights Reserved ...*Short Sales - Foreclosures - REO Properties - Knowing The Status Of Your Market*
