Massachusetts Home Buyer Guide

Massachusetts Foreclosure Activity Declines

Massachusetts foreclosure activity dropped sharply in January, posting double-digit decreases in both foreclosure initiated and completed foreclosures, The Warren Group, a publisher of real estate data, reported March 3, 2011.
 
The number of foreclosure petitions, which mark the first step in the foreclosure process in Massachusetts, dropped almost 58 percent statewide in January, declining to 793 from 1,874 in January 2010. Foreclosure petitions increased from the previous month. There were just 733 petitions in December 2010. January marked the second consecutive month there were less than 1,000 foreclosure petitions.

There were 468 foreclosure deeds in January 2011, a decline of nearly 59 percent from the 1,141 foreclosure deeds recorded in January 2010. Foreclosure deeds represent completed foreclosures. Foreclosure deeds also decreased in January from December 2010 when there were 481 foreclosure deeds recorded.
 
Foreclosure petitions and deeds in January dropped in every Massachusetts county.

The decline in Massachusetts foreclosure activity likely has as much to do with lenders slowing the foreclosure process after a flurry of bad publicity and court cases involving foreclosure practices as it does with homeowners getting their financial house in order. 

Get Massachusetts Foreclosure Listings Absolutely Free.

More Frustration in the Foreclosure Market

Foreclosure evictions are expected to slow sharply as state and national law enforcement officials investigate questionable foreclosure methods revealed by two of the country’s biggest home lenders in the last two weeks, the New York Times reported September 30, 2010.

Apparently worried about the frustrating situation, one of the major title insurance companies, Old Republic National Title, has sent a notice to title agents indicating for the time being that it would not insure title to properties foreclosed upon by GMAC Mortgage, the nation's fourth-largest home lender and one of the two big lenders at the center of the current controversy.

The other lender is JP Morgan Chase, which announced this week it would halt 56,000 foreclosures.

For more national and local foreclosure news, check out MassForeclosed.com. In addition, you can receive Massachusetts foreclosure home listings absolutely free.

Grants Available For Haverhill, MA Foreclosure Homes

First-time home buyers in Haverhill, MA may be eligible for grant money to make repairs to foreclosed homes, as a result of a partnership announced between MassHousing, the City of Haverhill and Haverhill Bank announced April 15, 2010.

For more information, check out the post on MassForeclosed.com.

MassForeclosed.com also provides free foreclosure home listings for Massachusetts.

Number of Massachusetts Foreclosures Initiated Jump

The number of foreclosures initiated in Massachusetts increased 28.1 percent in 2009 to 27,928 from 21,804 in 2008, but 2009's numbers reflected a 5.5 percent decline compared to 2007, according to a blog post at MassForeclosed.com.

Meanwhile, the number of completed foreclosures declined 25.4 percent to 9,269 last year from 12,430 in 2008, but 2009 had 21.1 percent more completed foreclosures than the 7,653 foreclosures recorded in 2007.

MassForeclosed has the latest Massachusetts foreclosure news, and you also sign up to receive Massachusetts foreclosure listings for free.

U.S. Home Prices Headed Lower?

Following four months of gains in the housing market October home prices started to level; however, the housing market may stall and prices may start to decrease again. The main reasons for the home prices taking a step backwards would be foreclosures, increase in interest rates and the end of tax credits, CNN/Money reported January 1, 2010.

Foreclosures: Mortgage modification programs put in place by the government are not assisting homeowners as planned. Most modifications are not permanent, but are only trials. The modifications that are completed are seeing default rates the second time around at an even higher rate. Experts insist the hardest hit states will be Arizona, California, Florida and Nevada.
 
Interest rates: Analysts believe the interest rate on a 30-year mortgage loans will be about 6 percent or more by the end of the year. Programs set in place to by the government to help the housing market may be coming to an end. In March, the Federal Reserve will no longer help to keep rates low be buying mortgage-backed securities.

Tax credits: In April the home buyer tax credit will end. The credit gives $8,000 to first time home buyers and $6,500 to buyers that own a home. After the tax credit ends the demand for homes may decrease dramatically.

These factors likely will have much less of an impact in Massachusetts where housing inventory in many communities has declined dramatically over the past year.

Latest Massachusetts Foreclosure News

For the latest Massachusetts foreclosure news and market data, as well as tips on buying bank-owned and short sale properties, visit MassForeclosed.com.

You also can sign up for Massachusetts foreclosure listings absolutely free and without obligation. 

Massachusetts Q3 Foreclosures Increase, YTD Decline

Lenders started and completed more foreclosures in Massachusetts during the third quarter than Q2, but foreclosures have declined nearly 30 percent compared to Q3 2008, The Warren Group reported October 20, 2009.

A total of 2,048 foreclosure deeds were recorded from July through September 2009, a 3.9 percent increase from the 1,971 in the second quarter of 2009; however, foreclosures dropped 29.4 percent from 2,903 in the third quarter of 2008. There were 702 foreclosures in September, a 6.7 percent increased from 658 in August and down 12.1 percent from 799 in September 2008. Year-to-date foreclosure deeds fell 29.5 percent to 6,778 from 9,610 the prior year.

For more details, get the latest Massachusetts foreclosure news from MassForeclosed.com.

Massachusetts Short Sales 101

The following video contains a basic tutorial on short sales in Massachusetts. It is presented by my business partner, Dave Kres. Many short sales are in pre-foreclosure status, and completing a short-sale transaction typically takes from two to six months. Buying a short sale requires a great deal of patience.

Dave Kres On The Banker & Tradesman Podcast

My business partner Dave Kres, who also is the president of the North Shore Association of REALTORS®, was interviewed for the Banker & Tradesman podcast on September 30, 2009. He discusses the Massachusetts real estate market. Use the link below to listen.

http://www.bankerandtradesman.com/files/the_closing/theclosing093009.mp3

Foreclosure News And MA Foreclosure Listings

Just a reminder that the latest foreclosure news and access to free foreclosure listings in Massachusetts are available at MassForeclosed.com.

Wealthy Suburbs Not Immune To Foreclosures

A Boston Business Journal report on NECN August 10, 2009 reveals that tony suburbs around Greater Boston cannot escape the foreclosure crisis.

The data comes from The Warren Group.

Court Ruling Halts Many MA Foreclosure Sales

A Springfield, MA Land Court judge's recent ruling has resulted in many sales of bank-owned properties being halted.

The judge ruled that due to improper paperwork two banks improperly foreclosed on two Springfield-area homes; therefore, the title to these properties is "clouded" or defective.

The decision effects the sale of many bank-owned properties in Massachusetts. It has effected one transaction of mine.

Read more about this at MassForeclosed.com.

Details Of The Foreclosure Prevention Plan

The $75 billion foreclosure prevention plan, which the Obama administration calls the "Making Home Affordable" initiative, runs through 2012.

Here are some highlights:

• Mortgages for single-family properties that are worth more than $729,750 are excluded.

• Interest rates can be lowered to as low as 2 percent, and then, if necessary, the term of the loan can be extended to a maximum of 40 years.

• The home must be a primary residence (verified with tax return, credit report, and other documentation such as a utility bill). The home may not be investor-owned.

• The home may not be vacant or condemned.

• Borrowers must provide their most recent tax return and two pay stubs, as well as an "affidavit of financial hardship" to qualify.

• Borrowers in bankruptcy are not automatically eliminated from consideration for a modification.

• Borrowers in active litigation regarding the mortgage loan can qualify for a modification without waiving their legal rights.

• Borrowers are only allowed to have their loans modified once, and the program only applies for loans made on or before Jan. 1, 2009.

• Incentives are provided to extinguish second liens on loans modified under the program.

• Homeowners are eligible for up to $1,000 of principal reduction payments each year for up to five years.

• Separately, up to 5 million borrowers who have mortgages held by government controlled mortgage finance giants Fannie Mae and Freddie Mac should be eligible to refinance through June 2010, even if they owe more than the value of their home.

Source: Boston.com and FinancialStability.gov

Check out the U.S. Housing And Urban Development Guide To Avoiding Foreclosure

Massachusetts Homeowners May Benefit From $75 Billion Foreclosure Prevention Plan

The following video from NECN discusses what it means to be "underwater" on your mortgage. It also briefly mentions the Obama Administrations $75 billion foreclosure prevention proposal.

Read the U.S. Department of The Treasury fact sheet

Foreclosure News And Listings

Foreclosed homes and short sales continue to have a major impact on the real estate market around the country and Massachusetts.

MassForeclosed.com provides the latest national, regional and local foreclosure news and absolutely free foreclosure listings.