Local Realtors backing foreclosure acceleration bill | Waccabuc Real Estate

The Eastern Connecticut Association of Realtors is supporting a General Assembly bill that would speed up the home foreclosure process and reduce deterioration of properties that have been foreclosed, Realtors group CEO John Bolduc said.

The legislation is Senate Bill 971 and was recently approved by the Banks Committee in a 15-2 vote.

Long foreclosure procedures are causing property values to deteriorate, Bolduc said.

“There’s a big logjam in the court system,” he said Monday. “In many cases people are out of those homes and they’re not being maintained. Pipes freeze. Costs go up. Everyone loses.”

The bill, which would allow judges to grant additional marketing opportunities, is “one of the top legislative priorities” of the Connecticut Association of Realtors, the state chapter that includes Bolduc’s Franklin-based group. The state group made that pronouncement in a recent email.