There are many Connecticut home foreclosures for sale now, with great deals being found on all homes available in our Connecticut foreclosure listings. Located in the northeast region of North America and bordering Rhode Island, New York and Massachusetts, Connecticut sits comfortably within the Tri-State area; nestled among its surrounding neighbors in this manner, "Tri-State area" is a term coined to describe the metropolitan area. With many major cities accommodating towards families and a strong business presence among industries, Connecticut offers a robust range of living arrangements suitable for your needs.
Search through the best listings of foreclosures in Connecticut. We provide foreclosed homes and auctions in the major Connecticut cities. Choose a city and fing an excellent deal for you!
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The state's capital city is Hartford (found in Hartford County), which has a population of 1,188,841 people. The city has maintained a dominant position in terms of economic growth throughout a number of years, as many of the state's largest corporations are based in the city and offer plentiful opportunities for employment. Big businesses such as insurance companies, law firms and finance centers attribute greatly to the city's thriving economy. Many notable insurance firms are based in Hartford, for instance, MassMutual, the United Health Care Company and CIGNA, just to name a few. Other aspects of the economy include the commercial shipping sector, which garners its success from the Connecticut River, linking up with the Port of New York. The added combination of aviation, the construction of major highways, and freight trains, allows for a productive and proactive import/export industry in Hartford.
Other major cities found in Connecticut include New Haven, Waterbury, Stamford, Bridgeport and Bristol. Bridgeport is the state's most populated city, with an average of 144,229 people living there. Surrounding counties that are located in Connecticut include Tolland County, Windham County, Hartford County, Litchfield County and Fairfield County, just to name a few. Fairfield County's seats are Bridgeport and Fairfield, appropriately making it the most populated county in the state.
The general demographic statistics in Connecticut indicate a 3.3 percent rise in the overall population, a trend that was confirmed in 2009. Other statistics include more than 80 percent high school graduates, approximately more than 1.4 million housing units and a 66 percent rate of home ownership throughout Connecticut.
Housing trends sport an optimistic outlook currently, with prices lower than those compared to this time last year, and a decrease of approximately 7.4 percent on overall home values. Connecticut foreclosures currently sit at 13.4 percent, preceded by a rise in the percentage of Connecticut home foreclosures being sold during the period of 2010.
In the state of Connecticut, all foreclosures are carried out through the judicial system. The process begins when a lender files court documents against a borrower (homeowner) found to be in default. A "return date" is then set, upon which the lender, homeowner and any Junior Lien holders (other lenders who might have provided mortgage loans) must appear in court for a hearing. During this hearing, the court will determine the default debt owed, appraise the market value of the property, and decide whether a "strict foreclosure" or a "foreclosure-by-sale" approach will be taken.
A strict foreclosure provides the homeowner with the opportunity to pay the default debt by a specific date in order to maintain ownership of the property. If the homeowner does not pay the debt, the Junior Lien holders have an opportunity to pay the debt and take command of the property. If they choose not to do so, then the lender retains ownership of the property. A strict foreclosure generally takes about five months to complete.
If thecourt decides that the property has equity in excess of the default debt owed, then it can rule for a foreclosure-by-sale. In this case, the homeowner retains the right to halt the foreclosure at any time before the sale date by paying the default mortgage debt.
Generally, the court schedules the foreclosure sale on a Saturday anywhere from 60-90 days after the initial ruling. Connecticut foreclosure sales typically take place on the grounds of the property in question. A court-assigned attorney conducts the sale in the style of an auction, awarding ownership of the property to the highest bidder. The winning bidder must make an initial deposit of ten percent, unless that person is the lender.
Within two weeks, the court must meet to determine whether or not to approve the sale. If they do approve it, the winning bidder is given thirty days to pay the remaining balance of their bid.
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