Big discounts are waiting for people planning to buy Fannie Mae homes for sale in Massachusetts.
In a recent report on foreclosure sale discounts released by a property market research firm, Massachusetts was listed as the fourth state with the highest percentage of sales of distressed homes and real estate foreclosure houses in the country for the January-March quarter.
The average price discount for all foreclosure sales in the state was 33.4 percent. The price discount for REO sales was even bigger at 36.1 percent. For pre foreclosures, the average discount was 32.4 percent. The inclusion of Massachusetts and Rhode Island in the top-five list is significant to many analysts as these states surpassed the average price discount in Florida which has far more foreclosures than each of them.
In May, Massachusetts foreclosure auctions slowed down over the month significantly after rising in April. A total of 4,247 homes entered foreclosure in May, lower by 29 percent than the April total, but higher by 17 percent than the May 2009 total. The number of units that became real estate owned was 1,043, about 24.6 percent of total filings.
Of these repossessions, a significant portion is comprised by Fannie Mae homes for sale. Federal homes have been rising in number since 2008 when more federally-backed home loans were being taken out. Fannie and Freddie now back about 30 million residential mortgages throughout the country.
In many large cities in the state, the pace of foreclosures also slowed down, including the pace of Brockton foreclosure auctions. In May, there were only 438 foreclosure filings in Plymouth County, where Brockton is situated, marking a drop of 34 percent from the preceding month.
The average price for distressed and foreclosed homes in Massachusetts in the first quarter was $161,089, lower by 33.4 percent than the average price of non-foreclosures. A number of Fannie Mae homes for sale can even be acquired at lower prices by people that use updated foreclosure listings for their property search.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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