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New Britain Home Foreclosures
New Britain foreclosure rates increased in 2016 by 31.4% over lower rates in 2015. Foreclosure rates were down from record highs in 2013 with 289 New Britain foreclosures in 2016 compared to a high of 443 New Britain foreclosures in 2013. Despite this, homes lost to foreclosure by sale in New Britain for 2016 rose 12.3% over 2015 rates and strict foreclosures increased over 125% with a total of more than 225 New Britain homes lost to foreclosure proceedings.
Homes lost to the foreclosure process increased despite the availability of foreclosure mediation to prevent homes from being lost. This shows a clear lack of success in the New Britain foreclosure mediation courts. Failure to save homes already in foreclosure stems to a large extent from homeowners who try to navigate the saving of their homes without professional legal assistance. Like all court proceedings, the New Britain foreclosure process demands specialized foreclosure defense attorneys. Self-represented homeowners in foreclosure mediation failed to obtain mortgage modification and home retention success.
It is all important to note that homeowners continue to waste time and lose homes in the New Britain foreclosure courts while excellent options for home retention remains available in a Chapter 13 proceeding. Chapter 13 stops foreclosure and provides affordable repayments to homeowners needing relief.
Real estate sales increased to the highest levels in the past five years with 787 New Britain home sales in 2016. Sales increased 14.7% from last year’s rates. However, an abundance of inventory created by foreclosures and high town taxes have kept prices low with an increase of less than 4% over last year’s prices.