Connecticut Foreclosures
Connecticut’s economical status is currently experiencing a minor rise in the unemployment rate, with the past few months displaying rising figures. The month of May indicated a rate of 9.1 percent, an increase in 0.1 percent in comparison to the start of the year.
Coinciding with these statistics is the decline in employment across several industries. The employment rate in the professional and business service is down by over 1.5 percent in comparison to April, while trade, transportation and utility sectors are down by just below two percent.
Despite this, other sectors including the IT and construction field are experiencing rises in employment rates, proving to be a prospective market for potential owners of Connecticut foreclosures.
Across the state, several major cities are experiencing declines in property values, resulting in cheap and affordable housing for potential buyers. Bridgeport foreclosures are currently dropping at a modest rate of approximately 0.20 percent, while Waterbury is displaying an impressive figure of 10.62 percent. Other notable cities include Bethlehem, which currently sits at a value decline of 4.10 percent, and Hartford dropping at approximately 14.42 percent.
Several other major cities are reporting decreases in property values, with Norwich experiencing a value decline by approximately 12.60 percent. East Granby is currently displaying one of the more significant declines in property values, with current figures sitting at 12.60 percent.
Easy Granby is also experiencing a slight decline in the number of properties sold over the past year, with a percentile drop of just over eight percent. Despite this, however, current trends are pointing towards an optimistic outlook on the housing market, with a plethora of available foreclosure properties.
Along with the current housing market and associated Connecticut foreclosures, June/July has provided several major news events during this period. In Hartford, several unions are instigating discussions with Gov. Dannel Malloy regarding the budget. They hope to reach a mutual decision that will benefit the community of Hartford, therefore saving thousands of jobs in the process.
Local workers and employers are bracing themselves for imminent layoffs, with an estimated 6,000 jobs to be lost over the next year. Rumors of negotiations between union representatives and Malloy have begun to emerge over the past few weeks.
The recent $1.6 billion concession deal has proved little to sway the tide of uncertainty among the state budget, although the combining unions are optimistic an agreement can be made, progressing towards a more manageable future for local workers.
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