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Bank Owned Homes Dominating House Sales in Massachusetts
Bank owned homes are now dominating house sales in Massachusetts, according to realtors and research firms in the state. Foreclosure postings also increased in October by more than 17 percent to 5,411 postings.
REO Bank Foreclosures Pulled Down Worcester Property Values
REO bank foreclosures pulled down property values in Worcester, Massachusetts to their lowest level in over 15 years. Valuation for single-family homes dropped by 12 percent to $206,517.
Boston Foreclosed Homes Pulled Down Median Price
Boston foreclosed homes pulled down the price median for single-family houses and condo units in October. Although home sales rose by more than 17 percent, the median single-family sales price dropped by almost three percent.
Increase in Filings May Lead to Flood of Foreclosed Homes
A flood of foreclosed homes is expected to wash all over Massachusetts as the number of filings rose. Lenders are said to be holding off taking over delinquent properties for fear of being stuck with them.
Home Foreclosures for Sale Invade Suburban Massachusetts
Home foreclosures for sale have invaded the suburban market of Massachusetts. So far, the number of distressed property procedures in Massachusetts has increased by 150 percent.
Construction Market Stirring Despite Cheap Foreclosed Property
The construction industry in Massachusetts is starting to show some life despite the abundant supply of cheap foreclosed property on the market. For the past year, the large inventory of foreclosure and unsold homes has dampened the building construction industry.
Assistance to Buy Foreclosed Properties in Massachusetts
A Massachusetts city has launched a program that offers incentives to buy foreclosed properties. The foreclosure homes will be rehabilitated or demolish to give way for new houses.
Massachusetts Bank Foreclosures 2nd in New England
The number of Massachusetts bank foreclosures is the second highest among New England states. But despite this high figures, the state banking regulators lag behind other states in terms of punitive actions against brokers and lenders.
Massachusetts Foreclosure Homes Lead August Sales
Massachusetts foreclosure homes dominated home sales last month. In one county, real estate sales in August helped stabilize the housing market in the area.
Foreclosure Houses Priced Less than Tax Assessments in Mass
Foreclosure houses in Worcester, Massachusetts are being sold for less than their tax valuations. The difference in values is being driven by the assessment lag and low foreclosure prices in the city.
House Repossession Persists in RI Despite More Home Sales
The number of house repossession in Rhode Island continues to increase. But economists are finding some positive developments that they are hoping for some recovery soon.
Possible Taxpayer Bailout for Commercial Real Estate
After spending billions to bail out the financial industry, the federal government has again started funding programs to prevent the collapse of the commercial real estate sector. It has launched a new loan facility to offer low-cost loans to investors in commercial securities that are mortgage-backed.
Foreclosed Bank Owned Auction for Abbey Grill and Great Hall
The foreclosed bank owned Abbey Grill and Great Hall building in Massachusetts has been scheduled for auction on August 20. This is the third time that the auction of the said property has been rescheduled.
City Tops Foreclosed Homes List in Massachusetts
The number of properties on foreclosed homes list in Worcester was the highest in Massachusetts in the first half of this year. Statewide foreclosure rate declined for the period but notices went up.
Cape Cod Banks Help Curb Number of Bank Repo Homes
The number of delinquent mortgages turning into bank repo homes has been declining in Cape Cod because area banks have been more willing to modify loans. While area foreclosure filings increased, foreclosure deeds decreased.
Massachusetts Bankruptcy Filings, Bank Forclosed Homes Up
As consumer debts soar, bank forclosed homes grow and unemployment rate becomes a serious problem, it is not surprising that bankruptcy filing in Massachusetts increase as well.
Negative Equity and Repo Houses in Non-Recourse States
Researchers from the Federal Reserve Bank of Richmond said that underwater homeowners in states that follow non-recourse laws are 20-percent more likely to allow their homes to become repo houses. The amount of borrowers' assets is also a major factor in the decision to default.
Funding Sought to Help Residents Facing REO Property Listings
The nonprofit agency, Boston Community Capital is seeking stimulus funds to expand its assistance program for residents facing REO property listings in Massachusetts. The nonprofit hopes to receive $50 million under the Neighborhood Stabilization Program.
Motel Scheduled for Bank Owned Foreclosures Auction
The 40-room Stone Horse Motel in South Harwich, Massachusetts is scheduled for Bank Owned Foreclosures auction on July 2. The property’s assessed value is $1,233,900 with annual taxes of $7,771.
Housing Markets With More REO Properties for Sale to Come
Real estate experts have identified some cities where prices of REO properties for sale are expected to drop further. These are Detroit, Michigan, New York City, Phoenix, Arizona, Portland, Oregon and Minneapolis, Minnesota.
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