Massachusetts Foreclosure Rate Rising Quickly

Posted in Foreclosure, General, August 31st, 2006 |

New data on Massachusetts foreclosures shows a rapidly increasing foreclosure rate in areas across the state. The amount of new foreclosures for the month of May 2006 is 105% higher than that of May 2005. As in other states, homeowners are struggling to deal with interest rates that are rising at a consistent pace since the housing market has started to slow down and property values continue to fall
Real estate experts in the state expected the foreclosure rate to rise, given the national trend, however many feel that the current numbers are much higher than anyone predicted.

Counties with especially high rates include Barnstable County on Cape Cod, as well as Suffolk County, which includes much of the Boston area. These areas are generally considered high value property areas, and homes there were bought up quickly during the inflated market scenario of the past five years. It might be a goodtime for potential homebuyers to consider buying a Massachusetts foreclosure, as the slow market has cause many homeowners facing debt and foreclosure to sell for lower prices than usual. However, it is probably not the best time to buy a foreclosure here if you are looking to invest and re-sell the property quickly, as the potential for a worthwhile profit is low.