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Connecticut has been hit massively by the housing foreclosure market, and housing prices are also falling. Greenwich and Samford will see prices go down by six percent and New Haven will see prices fall by 7 to 8 percent. In this article, we'll talk about more specifics that every home buyer and real estate investor needs to know.
Connecticut real estate can be called uneven at best. While the per capita income in 2007 was over $54,000 per person, which ranked it number one in the U.S. that year, Hartford, Connecticut has an inner-city population which ranks in the top ten cities with the lowest per capita incomes. The housing epidemic is at least as bad as Bridgeport's with the same number of highly visible foreclosures everywhere. The eastern part of the state is largely blue collar and the housing market is tough for homeowners there, too.
Even so, the gross state product was a healthy 200 billion two years ago. As a state that is essentially a suburb for New York City, one of the wealthiest populations in the U.S., southwestern Connecticut is quite well-known for its multimillion dollar mansions, where TV celebrities and other elites choose to reside. In this region, real estate costs are exorbitant—some of the costliest in America.
But currently, across the state housing prices are falling by 6-9 percent. Foreclosures are plentiful. When searching online, you will find a variety of results.
In general, you will find that New Haven, Connecticut has about 3,963 properties up for foreclosure, which is an astonishing 1 out of every 1400 homes. Windham County has 391 foreclosures which is 1 out of every 568 properties. Hartford fares slightly better with 439 properties up for foreclosure—1 out of 810 properties. If you go across to the northwestern county of the state, Lichtfield, you'll find over 1,600 properties in foreclosure, which represents 1 out of every 910.
New London currently has over 900 foreclosures—1 out of every 1100 homes. Southwestern Fairfield has 3,085, which is 1 out of every 627 homes. Even the far less touched Middlesex and Tolland counties have 570 foreclosures which amounts to 1 out of 1400, and 283 foreclosures—1 out of 568 respectively.
So Connecticut real estate has a raging foreclosure market, falling home prices, and some of the most luxurious real estate in the world. But it also has low-income housing for a hurting population. Needless to say, it's a state with a wealth of opportunity for the real estate investor, or homebuyer. Just make sure you know where to look. You can use these figures to help jump start your search.
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