Buyers Showing Increased Interest in Connecticut Foreclosures

Buyers looking for savings on homes in Connecticut these days have turned in increasing numbers to an emerging market for real estate where homes are sold at huge discounts. The foreclosure market in Connecticut seems to be drawing more attention from homebuyers and investors than ever before, and officials are saying it's because of the huge inventory of foreclosure homes in the state, as well as the press coverage they've been receiving as a result of the housing market fallout.

Foreclosures have risen in numbers drastically across the country in the past 5 years, and Connecticut has been no exception. The state is currently registering highs of home foreclosures it hasn't seen in decades, and now that the market is flooded, buyers are coming out of the woodwork and showing up at foreclosure auctions to take advantage of the incredible potential for investment value that foreclosure listings and foreclosure properties offer. Since they are sold as the results of repossessions, most forclosure homes end up selling for anywhere from 10 to 50% below their actual value at auction. Officials say that in today's market, where buyer confidence is as low as property values, foreclosures are the closest thing to a sure value to most buyers, and so they're becoming almost as popular as regular market homes, whereas in the past they received little attention.

Look for more deals to emerge on Connecticut foreclosure listings as 2008 moves forward and forclosures reach predicted highs.