The Great Recession, as it has been called, is now solidly in the rearview mirror, but it casts a long shadow. Across the country, the headlines trumpet a solid recovery – unemployment is dropping, home prices are climbing and consumer confidence is making steady gains. But within those macro trends are smaller stories of lost jobs, gutted savings accounts, stagnated wages and destroyed retirement portfolios. The recession may be over, but the people are still recovering.
Connecticut is one of those smaller stories. Consistently throughout the recovery, the state has lagged the national averages and those of its neighbors. Unemployment has been higher and home prices lower, and the mass exodus of young laborers – and potential homebuyers – has continued unabated.
But at the risk of repeating ourselves, it really does look like the state’s housing market is finally on the road to recovery. A number of key factors came together for a strong finish to the year and, according to insiders, it looks like the spring market will continue that trend. Inventory has tightened and homebuyers are feeling more confident both about their own fortunes and those of the state.
Recently announced programs from Fannie Mae and Freddie Mac allow down payments as low as 3 percent, a target that is far more reasonable for young buyers than the 20 percent requirement of yore, particularly in a market as expensive as Connecticut. Low interest rates continue to pull in refinancers, and are even inspiring current owners to purchase a new home without listing their current residence.
Elsewhere in the state, the office market continues to struggle, though developers and residents are hopeful about Hartford’s ability to capitalize on a growing national trend of revitalizing downtown cores. Residents are quietly touting Hartford as one of the region’s best-kept secrets – rents are relatively low and a nightlife is beginning to arise. In an interview late last year, Julie Meehan, executive director of Hartford Young Professionals & Entrepreneurs, said the city is great place for Millennials.
“I’ve lived downtown since 2010, [and] this is a completely different city than it was a few years ago,” she told reporter Steve Adams. “People are excited about the Downtown North development; not just the (Rock Cats minor league baseball) stadium, but also the Hooker Brewery.”
While residents of the Nutmeg State dig out from another hard winter, the spring of 2015 shows signs of being a beautiful season for all of its residents, current, future – and maybe even former.




