Fairfield County home sales on the rise
BRIDGEPORT, Connecticut (WABC) -- Sales of single family homes in Fairfield, Connecticut shot up 53 percent in February compared to a year ago.
So is this a sign of a turnaround in housing that many have been waiting for? And who is buying?
It might not look like much, but 693 Central Avenue in Bridgeport is part of a trend. The house was sold in February, a period that saw a spike in home sales in Fairfield county.
Indeed an investor snapped up the foreclosed home for just $35.000. The plan is to rehab the property and rent it out. And that's why experts say the 27 percent jump in sales of single family homes is not an indication a recovery is underway.
Every transaction in Bridgeport, except for the sale of the Central Ave. house was a short sale, a transaction in which the owner sells the property for less than the what's owed on the mortgage.
To give you an idea of how much the market's changed, last month there were nearly 30 home sales in Bridgeport. Over the same period 3 years ago there were 500.
House values are still down 15 to 20 percent from 2006.
home sales, bridgeport, fairfield, local news
- LI hospital warns of possible blood contamination
- AccuWeather: Stormy changes on the way
- Live: Eyewitness News on 7online streamed live!
- Get WATCH ABC for your mobile device
- Crime down across New York City, except in parks
- Trial begins for New Jersey man accused of killing daughter 56 min ago
- NYC rape-murder cannibal conspiracy trial headed to jury 31 min ago
- Brothers plead guilty in Orthodox Jewish divorce scandal
- New Jersey bank robber caught after forgetting keys 8 min ago
- Elderly jaywalker roughed up during arrest due in court 18 min ago
- Self-penned obit takes internet by storm
- No winner: Mega Millions jackpot surges to $353 million
- Happy Birthday! Idea that spawned internet turns 25
- Photos: Huge fire damages San Francisco building 41 min ago
Most Viewed StoriesMost Viewed Photos