As Milford is a fast-growing town in Worcester County, investing in Milford bank owned homes can be a profitable endeavor for people willing to learn the business of finding, buying, fixing and reselling foreclosures.
Milford is a vibrant town that already has the makings of a strong small city with its new bike trail, parks, playgrounds, new hotels, plenty of new housing units and an award-winning medical center.
Based on the census in 2000, there are now around 27,000 residents in Milford. With more people choosing to live in Milford, more big-time retailers have also opened their operations in the area, like Kmart, Target, Lowe’s, Kohl’s, Best Buy, Staples, Sports Authority and Petco.
Using data from online real estate sites, there are between 100 and 200 Milford bank owned homes, and they are priced from a low of $67,000 to a high of $510,000. The average asking price in May was $293,235 and the sales price median was $245,000, both marking increases over the month.
The increases in prices show that bank reo homes for sale have softened their influence on price levels in Milford despite the increase in foreclosure activity in Worcester County, where Milford is located.
In April, lenders filed a total of 282 foreclosure deeds and 359 foreclosure petitions in Worcester, marking year-over-year increases of 89 percent and 16 percent, respectively.
Similarly, the number of bank owned properties in Massachusetts rose in April to 1,372, a sharp 80-percent jump from 764 in April last year. Foreclosure petitions also increased to 2,431, up by 21 percent from a little over 2,000 one year earlier.
Local analysts said that one of the reasons for the increase in foreclosure deeds was the streamlining of the foreclosure process. While it took an average of 234 days to complete a foreclosure in the past year, now it only takes 138 days to complete a foreclosure and turn distressed units into Milford bank owned homes ready for sale.
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