AGENT MLS HOME FINDER

The New Haven real estate market seems to be recovering to a certain extent from the nationwide recession that devastated the entire country starting more than a year ago. This is a positive development, because foreclosures have been a mounting problem among others throughout the entirety of Connecticut.  According to an October 11, 2009 article from the New York Economy and Politics Examiner, “Real estate in New York, and Connecticut is improving. This weekend positive news has been reported by real estate brokerage companies in the Tri-State area. According to Houlihan Lawrence and Century 21 there has been an increase in requests for showings this weekend…In Connecticut home foreclosures have decreased and new reports show that the real estate market has hit the bottom in Connecticut. Throughout Connecticut, single-family home sales climbed nearly 7 percent in September, making it two straight months of statewide sales gains, but prices were off more than 13.5 percent.”

This has led to intervention by the federal government, specifically Senator Chris Dodd, who pushed through more than two hundred thousand dollars for counseling programs designed for victims of foreclosure. According to a press release from Senator Dodd’s office, “Senator Chris Dodd announced today that two Connecticut housing counseling organizations will receive $203,950 to assist families facing foreclosure of their homes.” According to an October 6, 2009 article in USA Today, there have been enough problems in the foreclosure market to seriously impact real estate in New Haven – to the point of a shortage of lawyers. The article, written by Brad Health, stated that “In Connecticut, about 60% of property owners didn’t have a lawyer.”

The New Haven Independent reported on October 8, 2009 that a development has taken hold in New Haven that will impact New Haven homes for sale by reducing the numbers of so-called “short sales”.  According to the piece by Paul Bass, “That’s because a federal law signed in May by President Barack Obama protects tenants from immediate eviction when a lender forecloses on a house – especially if, like Walters, they have a lease. The law, the Protecting Tenants At Foreclosure Act, took effect amid a national mortgage crisis that foreclosures soar 700 percent in New Haven over the past two years.”