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(40.9 percent), Chicago (24.1 percent), Raleigh-Durham (22.1 percent), Providence (22.1 percent), and Nashville (21 percent). Inventory across RE/MAX's coverage area declined on a monthly and yearly basis, falling 5.3 percent and 29.1 percent, respectively. The month-over-month drop is the 27th consecutive month inventory has declined. While a decline in inventory is helping prices to rise, its impact is negative for sales. The average months' supply of inventory in September stood at 5.5, about two months lower than last year's 7.7 months. Metro areas with very low months' supply included San Francisco (1.3 months), Los Angeles (1.7 months), Orlando (2.6 months), Denver (2.6 months), and Washington, D.C. (2.8 months). "Although we still face some serious obstacles in tight lending and shrinking inventory, we believe that the housing market will continue to recover into 2013," said Margaret Kelly, CEO of RE/MAX. RE/MAX also reported the average number of days on the market for homes sold in September was 81, unchanged from the previous month but down from 94 days a year earlier. Connecticut rank: 8 90+ Day Delinquency Rate 2.75% Foreclosure Rate september 2012 Unemployment Rate 5.40% 8.9% year ago 2.90% 4.90% 8.6% percent point change -5.0% 10.2% 3.5% Top County Windham CounTy 90+ Day Delinquency Rate september 2012 4.16% Foreclosure Rate 8.31% year ago 4.67% 6.67% percent point change -11.0% WillimanTiC, CT 90+ Day Delinquency Rate september 2012 4.16% Foreclosure Rate 8.31% year ago 4.67% 6.67% percent point change note: 24.4% The 90+ Day delinquecy rate is the percentage of outstanding mortgage loans that are 90plus days delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the September 2012 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary September 2012 figures released by the Bureau of Labor Statistics. All other data courtesy of Lender Processing Services. 100 Home Prices Slide in Connecticut Signs were mixed in Connecticut as single-family home sales increased and home prices plunged. A report published by the Warren Group found that prices were at the lowest level in that month since 2002. In September, a total of 1,900 homes were sold, which is a 4.5 percent increase from the 1,817 homes sold in 2011. The third quarter showed a positive trend with home sales growing from 6,188 in 2011 to 7,266 with yearto-date sales up by 13.1 percent at 18,300 from the 16,180 a year ago. "Home sales have increased every month in 2012—a strong sign that the housing market is recovering. This suggests that consumers have regained some confidence in the economy and are making home purchases with more enthusiasm," said Timothy M. Warren Jr., the Warren Group CEO, in a statement. "The drop in prices is concerning, but it's typical to see sales volume increase before prices do in a recovery period." As sales increased, prices dropped. The median home price of single homes fell by 7.2 percent to $230,000, which is $18,000 less than last year making it the lowest median price since September 2002. The third quarter showed declines in home prices by 1.6 percent, down $250,075 from $255,000 in third- quarter 2011. The median price for homes sold from January through September was $240,000, down 4 percent from $250,000 in the prior year, according to the statement. Condo sales increased more than 7 percent to 503, up from 470 a year ago. Third-quarter sales increased 12.6 percent to 1,760 from 1,562 the same quarter last year. Year-to-date condo sales are up 7.2 percent, increasing to 4,648 from 4,334 this time last year. 24.4% Top Core-Based Statistical area -11.0% IN THE NEWS STAT INSIGHT 3,442 Number of active permanent HAMP modifications in Bridgeport, Stamford, and Norwalk, Connecticut as of September. Source: The U.S. Treasury The median price for condos declined by 9.3 percent, dropping to $157,000 from $173,089 in September 2011. Hunt Leibert Receives USFN's 2012 Award of Excellence Hunt Leibert Jacobson, P.C. was honored as a recipient of USFN's 2012 Award of Excellence. Founded in 1988, USFN is the nation's oldest and most prestigious trade association of law firms and trustee companies focused on creditors' rights. The Award of Excellence program was introduced in 1993 and recognizes firms that represent the highest realization of ideals held by the organization, according to USFN's website. Member firms considered for the award are evaluated based on professional activities, industry volunteerism, and community and charitable involvement by the firms. "This award is a testament to our commitment to the industry, and service to our clients," said firm partner Richard M. Leibert. "We are honored to be recognized by USFN, and I thank my team for their ongoing dedication." Recipients are honored at USFN's Annual Member Education Retreat. Hartford, Connecticut-based Hunt Leibert provides legal representation in finance, foreclosure, bankruptcy, and mortgage-related litigation. Senators Call for FHFA to Abandon G-Fee Hike in Connecticut Connecticut's federal legislators say a proposal from Edward DeMarco, the Federal Housing Finance Agency's (FHFA) acting director, "perversely encourages" state judiciaries to rush foreclosure proceedings without giving homeowners due process. DeMarco disclosed plans in late September to raise the guarantee fees (g-fees) charged by Fannie Mae and Freddie Mac on single-family mortgages in a handful of states, starting in 2013. FHFA reportedly detected "a wide variation" among states in the costs incurred by the GSEs from defaults and foreclosure processing. FHFA found the highest-cost states are Connecticut, Florida, Illinois, New Jersey, and New York. Under the proposal, lenders

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