Greenwich Town Is Reeling Under Foreclosures
February 27th, 2009
Figures from the first seven months of 2008 show that Greenwich Town is reeling under foreclosures. There has been a 42% increase from the same period in 2007.
From 1st January 132 houses in the town have been foreclosed upon. In 2007 during the first eleven months there were 93 postings according to RealtyTrac. Across America there has been an increase of 44% in foreclosures during this period. In the state however the increase was by 8%.
Daren Blomquist of ReatlyTrac said that the foreclosure crisis was now spreading its tentacles from low and modest priced houses to the richer and savvier ones. Greenwich and other affluent towns have not been hard hit by foreclosures in 2007. But they are now not being spared. He said, “The pain is spreading.” He also added, “Most areas of (of the country and Connecticut) are still feeling this crisis harder than places like Greenwich.”
Another reason for the spread is the unemployment figures that are spiraling although no direct link can be established between Wall Street hiccups and the latest defaults in mortgages. But layoffs will definitely have an impact.
In Greenwich the foreclosure rate calculated to 1:128 from January this year to the end of November. In the previous year it was 1:182. Compared to the state as a whole the number of foreclosures in the town was comparatively low. The state foreclosure rate was 1:61. Across the country it was 1:48.
RealtyTrac data showed that there was a sharp spike in the properties entering the closing stages of foreclosure. In 2007 from January till the end of November there were 89 houses in the first default stages, 3 were in the auction phase and one had been repossessed. But this year there were 103 defaults, 23 in auction and six had been repossessed.
The foreclosure process starts with the issuing of a notice by the lender to the borrower. If during the default period the accumulated dues are not cleared then the lender, will start auction proceedings to sell off the house and realize dues. If the auction fails then the banks or lenders repossesses houses. Sometimes there are negotiations and workouts.
In Greenwich town the worst affected zip code is 06830 that covers central and downtown Greenwich and some parts of western Putnam Avenue. The area has seen 77 foreclosure postings – these being only on residential properties.
- Banks are Stoking the Flames of the Foreclosure Crisis
- America is Desolated and Devastated by Foreclosures
- Casino in New Jersey Tries to Fight off Foreclosure
- Bailout Money Has Not Benefited a Single Foreclosure Victim
- Foreclosures Are Centred in Four States
- Foreclosures Expected To Drop as Mortgage Rates Decrease
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