The Hartford Courant reported on November 20th that the state has seen the largest quarterly increase in foreclosures and seriously delinquent  home loans in over 30 years.

 "As of Sept. 30, Connecticut had 37,022 residential mortgages in foreclosure or 90 days or more past due — one in every 14 mortgages." - Hartford Courant

In Connecticut housing is expensive for renters and home owners alike. Over the last five years Connecticut’s housing prices have grown 3.5 times faster than wages. Statewide the number of households paying 30% or more of their income on housing increased by more than 10% from 2008 to 2009. Although most of the state’s subprime mortgages have already reset foreclosure rates continue to be high.

Unemployment, under-employment and loss of income (pay cuts, raising healthcare costs) are driving increases in foreclosures. In the third quarter of this year, Connecticut foreclosures and seriously delinquent home loans just hit a grim milestone, soaring a full percentage point to 7 percent of all loans. This is the largest quarterly increase in nearly 30 years. 

With Connecticut's unemployment rate jumping to 8.8 % in October, experts see little relief from foreclosures.

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