Find foreclosure properties in Massachusetts (Free listings).
Find foreclosure properties in Massachusetts (Free listings).
Posted by Rich Rosa on December 10, 2009 in Foreclosure Buying Tips, Video | Permalink | Comments (0) | TrackBack (0)
Foreclosures in Massachusetts rose nearly 30 percent in October compared to September, but 85 fewer foreclosures were recorded compared to October 2008, The Warren Group, publisher of Banker & Tradesman, reported November 19, 2009.
At the same time, the number of foreclosures initiated in October dropped 9 percent from September, but climbed 11 percent from a year earlier.
Petitions to foreclose, the first step in the state’s foreclosure process, fell 9.1 percent to 2,296 from 2,527 in September, but rose 11.2 percent from 2,065 in October 2008. Year-to-date foreclosure petitions have jumped 27 percent to 23,931 from 18,844 in 2008.
Foreclosure deeds, which represent completed foreclosures, rose 29.6
percent to 911 in October from 703 in September, but declined 8.5
percent from 996 in October 2008. So far this year, a total of 7,707
foreclosure deeds have been recorded statewide, down 27.3 percent from
10,606 in 2008.
“The number of foreclosures in October was actually the third highest so far this year. But the pace of foreclosures is still lower than it was last spring and summer when there was an average of nearly 1,200 foreclosures a month,” said Timothy M. Warren Jr., CEO of The Warren Group. “Still, a key concern is the level of petitions to foreclose, which indicate how many distressed property owners are at risk of foreclosure in Massachusetts. Lenders have filed an average of over 2,500 foreclosure petitions a month since May.”
October auction announcements rose 38 percent to 2,592 from 1,878 in September and 57.3 percent from 1,648 in October 2008. The Warren Group has tracked a total of 15,273 auction announcements from January through October, down 9.8 percent from 16,930 the prior year.
The Warren Group reports that several factors have helped temper foreclosure activity, including federal efforts to offer loan modifications to troubled borrowers and a Massachusetts Land Court decision which has forced some lenders to hold back on foreclosure proceedings until proper mortgage assignments have been made. In addition, a state law that went into effect in the middle of last year slowed the rate of foreclosure petition filings because it requires lenders to give delinquent borrowers 90 days to catch up with missed payments before starting a foreclosure proceeding.Posted by Rich Rosa on November 28, 2009 in Massachusetts Foreclosure News | Permalink | Comments (0) | TrackBack (0)
The following video contains a basic tutorial on short sales in Massachusetts. It is presented by real estate broker and lawyer Dave Kres, who is the co-owner of Buyers Brokers Only, LLC. 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.
Posted by Rich Rosa on October 26, 2009 in Foreclosure Buying Tips, Mortgage News, Video | Permalink | Comments (0) | TrackBack (0)
The U.S. Treasury is set to announce a plan to expand mortgage relief efforts to include short sales by providing a closing cost incentive to homeowners and lenders, the Realty Times reported October 22, 2009.
Now that sounds like a complete waste of taxpayer money.
A short sale occurs when the bank allows the sale of a home for less than the existing mortgage balance.
Why you ask? It's because short sale offers often come in well below the last appraisal or any reasonable amount, real estate agents don't want the extra work and time involved and buyers fear a four-to-five month transaction period that could end in the bank refusing to accept the short sale.
My office has had some success closing short sales, but deals that fall apart usually end with unhappy clients, and the result simply isn't our fault. Sometimes it is easier to just avoid the problem altogether.
To help move more distressed properties through to closing, the Treasury, under the Making Home Affordable's Home Affordable Modification Program, is expected to announce a $1,500 closing cost incentive for those who agree to short sales or deed-in-lieu deals, which is when the deed is transferred to the lender, avoiding the more costly foreclosure proceeding.The U.S. Treasury will also pay the lender $1,000 for accepting a short sale or deed-in-lieu deal. Haven't the taxpayers done enough for banks?
A better approach would be a law that requires lenders to accept or reject all short sale offers within 30 days. In addition, if the property sells after foreclosure for less than any rejected short sale offer, a lender should be barred from pursuing the borrower for any short fall between the sale price and the balance of the mortgage.
Earlier this year when the plan was first considered, there was also a provision to pay second lien holders up to $1,000 to waive their claim in such transactions.Posted by Rich Rosa on October 24, 2009 in Mortgage News, National Foreclosure News | Permalink | Comments (0) | TrackBack (0)
Year-to-date foreclosure deeds fell 29.5 percent to 6,778 from 9,610 the prior year, The Warren Group, a publisher of real estate data, reported October 20, 2009.
Lenders started and completed more foreclosures in Massachusetts during the third quarter than the previous quarter, but foreclosures have declined almost 30 percent compared to Q3 2008.
A total of 2,048 foreclosure deeds were recorded from July through September, a 3.9 percent increase from the 1,971 in the second quarter. But foreclosures dropped 29.4 percent from 2,903 in the third quarter of 2008. There were 702 foreclosures in September up 6.7 percent from 658 in August and down 12.1 percent from 799 in September 2008.The Warren Group tracked 1,716 auction announcements in September, a 21.8 percent increase from 1,409 in August and 15.6 percent higher than the 1,484 auction announcements last September. Year-to-date auction announcements slipped 18.1 percent to 12,519 from 15,282 a year earlier.
Posted by Rich Rosa on October 23, 2009 in Massachusetts Foreclosure News | Permalink | Comments (0) | TrackBack (0)
Despite the drop in foreclosures, petitions to foreclose, the initial stage of the foreclosure process, increased 154 percent to 2,396 in August from 943 during the same month last year but were 17.4 percent lower than the 2,899 petitions filed in July 2009.
There were 658 foreclosure deeds recorded in August, down 34.5 percent from 1,005 in August 2008 and 4.4 percent lower than the 688 deeds recorded in July. Foreclosure deeds are the final step in the process and represent completed foreclosures. A total of 6,076 foreclosure deeds were recorded in the first eight months of 2009, a 31 percent drop from 8,811 in the first eight months of 2008.The large increase in year-over-year foreclosure petitions is mostly due to a state law that went into effect last May that led to a temporary slowdown in the initiation of foreclosure proceedings. The law requires lenders intending to start foreclosure proceedings to give defaulting borrowers 90 days to catch up with missed payments.
So far this year, lenders have filed 19,108 petitions to foreclose, a 31.6 percent increase from 14,521 recorded during the same period last year.
The number of auction announcements tracked by The Warren Group has fallen this year. Auction announcements dropped 22.1 percent to 1,370 in August from 1,759 in August 2008. So far this year, The Warren Group has tracked 10,764 auction notices, down 22 percent from 13,798 during the same period last year.
Received Listings For MA Bank-owned And Short Sale Properties For Free.Posted by Rich Rosa on September 25, 2009 in Massachusetts Foreclosure News | Permalink | Comments (1) | TrackBack (0)
Technorati Tags: Foreclosure, MA, Massachusetts Foreclosures
While foreclosures remain near record levels, the only way many consumers can stay in their homes is by reducing their mortgage payments. As often happens during economic downturns, scam artists have tried to cash in on other people's misfortune, this time by asking for large upfront payments for help seeking mortgage modifications.
I heard a radio ad just a few days ago by a "loan modification company" that suggested homeowners didn't need help from the government or lawyers, but should contact them directly to get help with a loan modification.
Posted by Rich Rosa on September 19, 2009 in Avoiding Foreclosure, Mortgage News, National Foreclosure News | Permalink | Comments (0) | TrackBack (0)
U.S. mortgage foreclosure filings in August hovered near July's record high despite efforts to keep borrowers in their homes, The New York Times reported September 10, 2009.
Predictions are for foreclosure filings to continue to rise for another year.
Filings, including notices of default, auction and bank repossession, dipped 1 percent last month from July's all-time high and were up 18 percent in August from August 2008
The Times obtained its data from foreclosure firm RealtyTrac. One in every 357 U.S. households with loans got a foreclosure filing in August.
Six states had 62 percent of total foreclosure actions in August. Nevada, Florida and California had the highest state foreclosure rates, respectively. Rounding out the states with the highest rates of foreclosure activity were Michigan, Idaho, Utah, Colorado, Georgia and Illinois. A new Michigan law requiring lenders to file a separate public default notice before slating a foreclosure auction pushed the state to the fifth highest rate from 19th place in the prior month.Posted by Rich Rosa on September 18, 2009 in National Foreclosure News | Permalink | Comments (0) | TrackBack (0)
As a result of more Americans losing their jobs, more than 13 percent of U.S. homeowners with a mortgage are either behind on their payments or in foreclosure, the StarTribune.com reported August 20, 2009.
The data come from the Mortgage Bankers Association.
The record-high numbers in the report are being fueled by borrowers with traditional, fixed-rate mortgages, as opposed to the exotic subprime loans with adjustable rates that started the mortgage crisis. As of June, more than 4 percent of all U.S. borrowers were in foreclosure and about 9 percent had missed at least one mortgage payment."One in three new foreclosures between April and June was from a prime, fixed-rate loan, up from one in five a year earlier. Last year, subprime adjustable-rate loans caused the largest share of foreclosures."The nation's foreclosures are concentrated in California, Nevada, Arizona and Florida, which accounted for 44 percent of new foreclosures. At nearly 12 percent of all loans in foreclosure, Florida leads the U.S., followed by Nevada at 9 percent.
"President Barack Obama has pledged to fight the problem, but [his] foreclosure prevention program, known as 'Making Home Affordable,' is off to a disappointing start. As of July, only about one in 10 of eligible borrowers had signed up."
Posted by Rich Rosa on August 20, 2009 in National Foreclosure News | Permalink | Comments (0) | TrackBack (0)
Despite government efforts to rescue distressed homeowners, the number of Massachusetts homes in foreclosure soared by 43 percent in July compared to the same month last year, the Boston Herald reported August 13, 2009.
The data come from RealtyTrac, a California-based publisher of foreclosure statistics.
RealtyTrac reported that 5,114 homes in Massachusetts received default notices, scheduled auctions or were repossessed by a bank in July.Posted by Rich Rosa on August 17, 2009 in Massachusetts Foreclosure News | Permalink | Comments (0) | TrackBack (0)
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.
Posted by Rich Rosa on August 16, 2009 in Massachusetts Foreclosure News | Permalink | Comments (0) | TrackBack (0)
Foreclosures in Massachusetts fell 29 percent during the first half of 2009 compared to a year earlier, The Warren Group, publisher of Banker & Tradesman, reported July 22, 2009; however, petitions to foreclose, the first step in the foreclosure process, rose 5.6 percent during the first six months of 2009 compared to the same period last year.
There were 4,737 foreclosure deeds from January through June, a 29.4 percent drop from 6,707 during the same months in 2008. In June, foreclosure deeds plunged 45.1 percent to 621 from 1,131 in June 2008, but climbed 6.7 percent from 582 in May. Foreclosure deeds are the final step in the foreclosure process.
While foreclosure deeds have declined year-over-year, the number of petitions to foreclose has increased. Lenders filed 13,813 petitions to foreclose during the first six months of 2009, up 5.6 percent from 13,076 last year. June’s foreclosure petitions jumped to 2,835, more than eight times higher than the 350 petitions in June 2008 and 21.7 percent higher than the 2,329 filings in May. The number of petitions to foreclose in June was the highest it’s been in the previous 13 months.
The Warren Group tracked 7,322 auction notices in the first half of the year, nearly 31 percent fewer than the 10,580 auction notices during the same period in 2008. Auction notices in June dropped 10.2 percent to 1,494 from 1,664 last June. But the number of auction notices increased 8.4 percent from May’s 1,378 auction notices.
I suspect we'll see the numbers fluctuate over the next six to 12 months as lenders continue to figure out how to proceed with the Obama Administration's loan modification plan, which has largely been unsuccessful.
Posted by Rich Rosa on July 24, 2009 in Massachusetts Foreclosure News | Permalink | Comments (0) | TrackBack (0)
President Obama's $75 billion plan to reduce the number of foreclosures sweeping the nation has been plagued with backlogs and delays, USA Today Reported June 19, 2009.
Many struggling homeowners have complained about phone calls not returned and inaccurate information from lenders, and others have said they were denied help for reasons that weren't clear.
The Obama plan's goal was to prevent up to 4 million foreclosures by having banks modify loans into more affordable monthly payments; however, since its debut, the plan has led to offers of more than 190,000 mortgage modifications with lower monthly payments, according to Treasury Department numbers. During that same period, lenders either have started or advanced foreclosure proceedings against more than 1 million homes.
Some lenders blame the Obama administration for not outlining the details of the plan until March. These lenders now claim they are beefing up staffing to process modification requests.
Posted by Rich Rosa on June 22, 2009 in Avoiding Foreclosure, Mortgage News, National Foreclosure News | Permalink | Comments (0) | TrackBack (0)
Technorati Tags: Foreclosure Crisis, Foreclosures, Loan Modification
The number of foreclosure deeds recorded in Massachusetts declined by double-digit percentages in May compared to the prior year and prior month, The Warren Group, a publisher of real estate data, reported June 18, 2009; however, the number of foreclosure proceedings started by banks and other types of lenders dramatically increased during the same period.
There were 582 foreclosure deeds recorded in May 2009, a 58.6 percent drop from 1,405 in May 2008 and 24.3 percent below the 769 in April 2009. Year-to-date foreclosure deeds fell 26.3 percent to 4,110 from 5,576.
“The number of foreclosure deeds recorded in May was the lowest since April 2007. It is encouraging that foreclosures have declined for two months straight. I think lenders have realized how costly foreclosures can be and are taking steps to avoid foreclosure whenever possible,” Timothy M. Warren Jr., CEO of The Warren Group, said.
“But I remain concerned because unemployment has crept up, and many people who’ve lost their jobs will have trouble keeping up with mortgage payments. In addition, it also looks like the pace of initiated foreclosures has remained fairly steady over the last four months. Lenders have started over 2,000 foreclosures a month since February,” Warren said.
A total of 2,329 foreclosure petitions were filed in May, almost six times the 390 foreclosure petitions filed in May 2008. Foreclosure petitions mark the start of the foreclosure process in Massachusetts. In addition, the number of foreclosure petitions climbed 15.7 percent from 2,013 in April 2009. There were 10,978 foreclosure petitions filed from January through May 2009, 13.7 percent lower than 12,726 last year.
“The sharp increase in May foreclosure petitions year-over-year is due to the so-called 90-day right-to-cure law that went into effect last May. The state law, which requires lenders intending to foreclose to give delinquent borrowers in Massachusetts 90 days to catch up on missed mortgage payments, artificially depressed foreclosure petitions in May 2008,” Warren said.
Auction announcements fell 30.7 percent to 1,377 in May 2009 from 1,987 in May 2008, but climbed 26.8 percent from 1,086 in April 2009. Year-to-date auction announcements dropped 34.7 percent to 5,825 from 8,916.
Posted by Rich Rosa on June 21, 2009 in Massachusetts Foreclosure News | Permalink | Comments (0) | TrackBack (0)
Technorati Tags: Foreclosed Homes, Foreclosure Deed, MA Foreclosures, Massachusetts Foreclosure
Are U.S. banks sitting on a lot of real estate inventory?
The Christian Science Monitor reported May 22, 2009 that only about 30 percent of the available bank-owned inventory is on the market in the United States.
The fear of real estate professionals is that this "shadow" inventory will further delay a housing recovery. For investors looking for bargains, the talk of excess inventory is music to their ears.
Real estate professionals believe that banks are holding on to about 500,000 properties that will eventually hit the market.
Of course, the vast amount of this inventory is likely in places such as Phoenix.
Posted by Rich Rosa on June 20, 2009 in National Foreclosure News | Permalink | Comments (0) | TrackBack (0)
Technorati Tags: bank owned, foreclosure crisis, foreclosures
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