Petitions up, still below last year; Lawrence leads gateway recoveryNovember 26, 2013
(Note: Foreclosure Monitor is an effort by MHP to help public officials and community leaders determine how best to use their resources to help homeowners and neighborhoods hard-hit by foreclosure).
BOSTON, Nov. 26, 2013 --- While an improving real estate market has fueled recent declines in foreclosures, the filing of foreclosure petitions has edged upwards the past few months. While not nearly as numerous as a year ago, the uptick is nevertheless is a sure sign that lenders are adjusting to new foreclosure regulations enacted late in 2012. Foreclosure Monitor also found that Lawrence and four other gateway cities that have seen significant improvement in foreclosure levels were all cities that saw their real estate and price recovery begin in 2009.
BOSTON, Aug. 12, 2013 --- An improving real estate market and new state regulations continue to slow foreclosure activities in Massachusetts but there are signs that lenders will pick up the pace during the second half of the year and the increase could be particularly felt in the state's so-called gateway cities.
BOSTON, May 31, 2013 ---A 2012 law that requires banks to notify borrowers of their rights to pursue a loan modification before foreclosing may be a factor in the precipitous drop in foreclosures in the first quarter of 2013.
BOSTON, Feb. 20, 2013 --- While many key indicators show that the housing market is recovering, Foreclosure Monitor's quarterly analysis of foreclosures at the community and neighborhood level indicates what areas are still suffering from? distress.?To provide a different look at where these areas are, this edition is substituting its usual statewide analysis of property distress by community, zip code and census tract and will instead break down areas of distress by gateway community census tracts, City of Boston census tracts and suburban/rural/higher-income communities.
BOSTON, Jan. 15, 2013 --- Comparing the extent and pace of the 1990s real estate recession to this recession, Foreclosure Monitor estimates that we're a few years away from home prices and property distress returning to pre-recession levels, especially given that there are approximately 52,000 mortgages that are either 90 days delinquent or in some stage of the foreclosure process.
BOSTON, July 19, 2012 --- Foreclosure Monitor recently took a look at distressed property resolutions in Massachusetts over a two-year period and found that less than one-quarter of all property resolutions in the state were purchased by buyers of multiple properties. This is in contrast to a recent national report indicating that large investors are working to purchase thousands of properties in foreclosure.
BOSTON, Jan. 11, 2012 --- As lenders renew foreclosure activities, more than half of all properties in foreclosure are becoming bank-owned, indicating that despite low interest rates, third-party buyers in Massachusetts have little appetite for foreclosed properties, especially outside of Boston.
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