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More Low-Priced Homes for Springfield Foreclosure Investing

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By : John Cutts    99 or more times read
There are now more lower-priced homes for Springfield foreclosure investing as home foreclosures jumped up in the metro area in the first quarter of this year.

In Hampden County, which is part of the Springfield metro area, the number of completed foreclosures soared by more than 24 percent, increasing the number of units ready for foreclosed home sales from 237 units in the first quarter last year to 294 units during the same period this year.

In March, completed foreclosures in Hampden rose by almost 31 percent to 115 units from 88 units in the previous month. Springfield was formerly the administrative seat of Hampden County.

In nearby Hampshire County, foreclosures also soared, posting a 127-percent jump to 50 units in the first quarter this year from only 22 units last year. In March, foreclosure deeds increased month-over-month by 111 percent to 19 units.

Similarly, Franklin County posted increases in foreclosure deeds. In the first quarter, the number of completed foreclosures soared by a whopping 290 percent to 43 units, including 17 units in March, when foreclosure deeds also shot up by a high 240 percent.

Springfield foreclosure investing is viable as the average price for homes has dropped from the average of $119,634 in February to $117,522 in April, based on data from an online real estate firm.

Officers of the Springfield Neighborhood Housing Services said that increases in foreclosure actions are now caused largely by unemployment, unlike in the past when toxic lending was the major driver.

They also reported that they have been helping distressed homeowners to negotiate for the reduction of their monthly payments to less than 31 percent of their monthly income, but not all lenders have been cooperative. They always say they have to get the approvals of mortgage securities investors parties that borrowers never expected to figure in their transactions since they only negotiated their home loans with the banks.

The number of properties bought back by mortgage lenders through foreclosure auctions in Massachusetts in the first quarter also rose. A total of 3,447 completed foreclosures were posted during the quarter, marking a 25-percent jump from the 2,766 foreclosures counted in the previous quarter.

In March, total foreclosure deeds statewide soared by more than 45 percent to 1,389 deeds and total foreclosure petitions soared to 2,381, the highest monthly count in eight months.

On the whole, investors focused on Springfield foreclosure investing can also explore foreclosures in nearby cities in Massachusetts as statewide foreclosure activity is still surging.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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