Foreclosures in Connecticut show no signs of abating as more and more homes and properties are being put under foreclosure. Compared to last year, the number of Connecticut foreclosures has increased by almost forty per cent, making Connecticut the state with the tenth highest number of foreclosure filings. While the state has definitely featured much better than Nevada, California and Arizona, the extremely high number of foreclosures being filed all across the state has put a depressive gloom on the market.
Most Connecticut foreclosures have occurred as a result of job losses experienced by residents in the past one year. Combine this with the effect of sub prime loans whose interest rates have drastically increased, forcing people to default on their mortgage payments, and you have before you a situation where banks and financial institutions now own more foreclosed homes than they can easily handle. The county of Windham has been the worst hit, with 23 out of every thousand homes undergoing some kind of foreclosure process.
The only silver lining in this black cloud of gloom and doom exists for people who want to buy homes in Connecticut and who have the resources to do so currently. Due to the large foreclosure inventory that has now piled up with Connecticut lending institutions and banks, buyers have an upper hand as far as sale-purchase negotiations are concerned.
Apart from getting and buying properties on their own terms, home buyers and investors can buy properties at values that are at least 20% to 40% less than their actual market value. Institutional owners are ready to sell and cut their losses before the cost of maintaining these foreclosed homes starts creating even more losses for them than what they have already endured by losing their loan payments.
If you have the resources to invest in a house or property right now or if you are planning to buy a home in Connecticut, then right now is the best time to buy. As the government takes stringent steps to stop the increasing number of foreclosures nationwide, the number of Connecticut foreclosures should be going down very soon. The moment this happens, house prices will start rising. So be wise and buy when you can get more for less instead of waiting for a time when you will get less for more!
Most Connecticut foreclosures have occurred as a result of job losses experienced by residents in the past one year. Combine this with the effect of sub prime loans whose interest rates have drastically increased, forcing people to default on their mortgage payments, and you have before you a situation where banks and financial institutions now own more foreclosed homes than they can easily handle. The county of Windham has been the worst hit, with 23 out of every thousand homes undergoing some kind of foreclosure process.
The only silver lining in this black cloud of gloom and doom exists for people who want to buy homes in Connecticut and who have the resources to do so currently. Due to the large foreclosure inventory that has now piled up with Connecticut lending institutions and banks, buyers have an upper hand as far as sale-purchase negotiations are concerned.
Apart from getting and buying properties on their own terms, home buyers and investors can buy properties at values that are at least 20% to 40% less than their actual market value. Institutional owners are ready to sell and cut their losses before the cost of maintaining these foreclosed homes starts creating even more losses for them than what they have already endured by losing their loan payments.
If you have the resources to invest in a house or property right now or if you are planning to buy a home in Connecticut, then right now is the best time to buy. As the government takes stringent steps to stop the increasing number of foreclosures nationwide, the number of Connecticut foreclosures should be going down very soon. The moment this happens, house prices will start rising. So be wise and buy when you can get more for less instead of waiting for a time when you will get less for more!
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