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 ofranfo 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.
If you're thinking about buying a home there are great deals to be had in today's market and now is a great time to buy while interest rates are still low. To get more information on available homes, contact Donna or start your home search here - www.ShorelineHomeFinder.com - or call me directly at 203-488-1641, ext. 214.
Call today to sell your property or buy your next home in New Haven, Branford, Clinton, East Haven, Guilford, Madison, North Branford, Hamden, North Haven, West Haven and Milford at 203-488-1641, ext. 214.
Donna Bigda - Licensed Real Estate Professional in the State of Connecticut
Copyright © 2008 by Donna Bigda, All Rights Reserved ...*Short Sales - Foreclosures - REO Properties - Knowing The Status Of Your Market*