New Haven, Connecticut

$165,200 is the New Haven, Connecticut house value median. In the last year, the value of houses in New Haven has increased 5.2 percent. The forecast has been made that the value of houses will increase by 5.6 percent within the following year.

In New Haven, $142 is the per square foot list median cost. The metro area of New Haven has a higher per square foot list average cost of $161.

For houses listed presently in New Haven, $180,500 is cost median. For houses that have been sold, $196,000 is the cost median.

Foreclosures are an important economic factor when it comes to real estate. The higher the foreclosure rate for a particular location, the lower the value of homes for that particular location.

For every 10,000 homes in New Haven, Connecticut, 2.4 go through foreclosure. The metro area of New Haven has a lower foreclosure rate of 0.6 of every 10,000 homes going through foreclosure. The United States has a foreclosure rate of 1.6 homes going through foreclosure for every 10,000 homes.

There is a first thing that happens in the process of a home going through the process of foreclosure. And that is what is called mortgage delinquency. How do you define mortgage delinquency? It’s the condition of a homeowner not making one or more mortgage payments on their house.

A mortgage delinquency is taken seriously by bankers because the home owner could be economically in trouble and on their way to foreclosure. If a home owner is experiencing mortgage delinquency, it is important to work diligently to turn their finances around to get back on track.

In New Haven, 3.9 percent is the percentage of mortgage delinquencies. The United States has a much lower mortgage delinquency rate of 1.6 percent.

The recession of 2008 had a major negative effect on the value of houses in our nation. The worth of houses dropped a greater amount than 20 percent nationally.

This has caused a great number of owners of houses to be underwater regarding their home mortgages. What does being underwater on a mortgage mean? It means that the owner of their home has a mortgage debt that is more than what the home is valued at.

New Haven Connecticut has a very high underwater rate of 25 percent of owners of houses being underwater on their home mortgage. The metro area of New Haven has a lower underwater rate of 16.4 percent.

When a homeowner is underwater regarding their mortgage, they could have a financial problem when they sell their house. They could owe more money to the bank than the amount of money they sell their house for.

For this reason, it could be wise to avoid buying a home when prices have gone up  ridiculously high over the years. This is especially true if you don’t plan to keep your home for quite a few years. But, if you are planning to keep your home for many years, then it may be an okay decision to buy at a point real estate prices have gone up tremendously.