Connecticut offers some of the best housing opportunities and you can find foreclosures at bargain prices

Connecticut Housing

The housing market in Connecticut has vacancy rates, which are below the national average by almost 50%. Although in the recent past, it has been noticed that the rent levels have surged higher and have increased more than the increase in the income of people in Connecticut.

Connecticut saw a 67% increase with 1,287 filings in January 2006. Connecticut was ranked 17th in the country based on its last year foreclosure rates. It recorded an average filing of one in 118 homes. Higher filing rates were observed in Windham County, where it was one in 97 homes, Fairfield County where it was one in 124 homes and in New Haven County where the filing rate was one in 105. This also means that there were more Connecticut bank foreclosures available for homebuyers to invest.

Buying a foreclosed home in Connecticut

Buying a Connecticut foreclosed home is easy if you are able to find the right home listings. Government agencies like HUD and VA bring out Connecticut foreclosure listings every month and so do the lenders, banks and other financial institution. The reason why a property goes into foreclosure is that the homeowner missed his loan payments or defaults on the monthly payment. Once a home goes into foreclosure, it is placed for an open to everyone auction where the highest bidder gets the home.

Foreclosure homes in Connecticut are sold on an "as-is" basis. This means that if there are any repairs required then you, as the new homeowner will be responsible for it. Of course, you should always be cautious and check out the Connecticut foreclosures for sale before thinking of investing on the property. The first step is to find an updated list of such homes because these lists can provide you with vital information like the total space/area, number of rooms, kitchen, and front garden or back garden, locality etc. All these factors will help you to make an informed decision.

It's advisable that you first arrange for a home loan before actually bidding for the Connecticut foreclosure homes. This will minimize your risk. Connecticut offers various options or types of homes like single family/multi families homes, VA, HUD, fixer-upper, REO, and condominiums. You can even get handyman specials, which are a profitable option for investors who want to buy, repair, and sell it off.

Connecticut bank foreclosed homes are the best options for investors as well as first time homebuyers. There are many people who might not be able to afford the actual price of such homes. Most of these homes are sold at a discounted rate, which can be anywhere between 10-25% and this is done to cover up the losses incurred by lenders. If you are moving into Connecticut or looking to buy a home in Connecticut then you have some of the best homes to choose from and all this at a bargain price.