Foreclosures Continue to Push Down Home Prices
MASSACHUSETTS FORECLOSURES:The Warren Group today reported another drop in home prices and attributes much of the fall to foreclosures. While foreclosures provide some of the best buying opportunities the market has sen in years, the vast numbers of them are weighing on the overall market. The Warren Group reported:
The median price of single-family homes in [...]
Moving Into a Foreclosure
Today I began the process of making a move on a condo that is going into foreclosure. The market value of the property is about $295,000. I am going to try to buy it for $200,000 or less. I’m at a very early stage in the process. I’ll document the whole thing right here. Stay [...]
More Banks May HAVE to Sell at Foreclosure
It is the norm for big banks foreclosing in Massachusetts to use the process simply as a title clearing procedure. The way it works is that there is minimal marketing and the bid process involves the foreclosing attorney “bidding the debt” or bidding the full amount that the bank has into the property. Very often [...]
Bad Loans Piling Up at Local Banks
Last week I reported that Massachusetts’ banks are realizing growing default balances in their loan portfolios. This week the BBJ is reporting the same.
On Friday I was contacted by a guy in the industry whom I met at a number of the larger auctions we’ve held over the last year or so. He is in [...]
