Mass Bank Owned .com - Massachusetts
Section. Foreclosure and bank owned real estate in Massachusetts.
The Massachusetts real estate market is in a "correction mode". More and
more folks are falling behind on their mortgage loans, and lenders are
foreclosing. This has resulted in an increasing number of foreclosure auctions
and bank owned properties entering the Massachusetts real estate market.
|Massachusetts Bank Owned
Foreclosure Real Estate in Massachusetts
Massachusetts foreclosure petitions jumed
by over 70% in 2006, as the state's housing market had its worst year in
more than a decade, with both the number of home sales and the median price
for single family homes dropping to levels not seen in over 10 years. The
result has been an ever increasing number of bank owned properties on the
market. The number of bank owned mortgage foreclosures is expected to increase
as the US Government TARP
properties make their way into the Massachusetts real estate market.
Bank foreclosure rates are increasing in
nearly every city and town in Massachusetts, from the Cape to the Berkshires,
Boston to Greenfield. Plymouth County, Norfolk County, and Bristol counties
have all seen the number of foreclosures increase over the prior year.
These foreclosures and bank owned properties on the Massachusetts market
can be an opportunity for homebuyers and investors alike.
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bank owned real estate
|Thousands of Massachusetts homeowners
are facing foreclosure, often those who obtained high interest, subprime
loans over the last few years are likely to lose their homes. Many homeowners
in Massachusetts who took out subprime mortgages over the past few years
will be out on the street. Based on current data, that means more than
20,000 of the state’s homeowners with these loans could lose their homes
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