As of February, at least one out of every 14 residential mortgages in Connecticut was delinquent or in foreclosure, according to the New Haven Register. The state ranks 13th in the country in foreclosures in delinquencies, per data from Black Knight, and its rates for both are higher than they were pre-pandemic.
There’s a noticeable disparity in delinquency rates and forbearance rates between wealthier, whiter zip codes and zip codes where residents are lower income, or are people of color, according to the publication. That indicates that the financial impacts of the pandemic aren’t evenly distributed across the state’s population.
One in every nine mortgages in the zip code for New Haven’s Hill neighborhood was delinquent as of November, compared to one in 31 in nearby Branford.
In the southwestern part of the state, one in six Federal Housing Administration loans, which are designed for lower-income borrowers, are seriously delinquent. One in seven are delinquent in the New Haven area. [New Haven Register] — Dennis Lynch