The Decade That Wasn’t

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The Housing Bubble

January 19, 2010

The Decade That Wasn’t

The Day in Connecticut. “The good news for the region: Foreclosure filings last year fell 12 percent in New London County compared to the year before. The bad news: They’re still pretty high. The numbers are up more than 55 percent from where they were in 2007. And they are six times the level of foreclosures reached in 2006. Over the past year, said real estate experts, a good number of distressed properties have been sold, many of the transactions spurred by a first-time homebuyers tax credit.”

“‘A lot of it’s been absorbed,’ said John Bolduc, CEO of the Eastern Connecticut Association of Realtors,. ‘But there’s more to come. It’ll last probably another two years.’”

The New York Times. “As of the end of November, 22,200 single-family homes had sold statewide in 2009, a decline of 4 percent from the same period in 2008. The median price slid by 11 percent statewide — more like 15 to 20 percent in hard-hit Fairfield County. Builders all but stopped building in 2009. The number of permits issued had not broken 3,000 as of the end of November, a ‘pretty terrible’ tally compared with the more ‘normal’ level of 11,000 to 12,000 permits a year, said Peter M. Gioia, the economist for the Connecticut Business and Industry Association.”

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