Federal home lists and bank foreclosure listings have expanded for the month of June in Massachusetts, with more residential properties being taken over by lenders or getting foreclosed. The June 2010 number is reportedly double the total number of foreclosed properties for June 2009.
Almost all areas of the state experienced increased distressed property numbers, with Boston foreclosure listings also recording a rise. In total, over 1,300 houses were repossessed by lenders during the month. In terms of foreclosure deeds, the number has reached over 1,000 for June. According to Warren Group, total foreclosed properties for the first half of 2010 are 7,431 which represent a 56.7% rise from the first half of 2009.
Real estate analysts from Warren have stated that at the rate the housing market is going, homes under foreclosure listings in Massachusetts for 2010 can overtake total numbers for 2008 when over 12,000 households lost their properties to foreclosure. They also claim that the increase might be due to banks catching up on their backlogs.
The rise in the number of foreclosures in the state covers all types of residential properties, including those in federal home lists and those in bank property listings. This trend is also being attributed to rising unemployment rates in the state and reduced household income caused by reduced working hours and furloughs that remain unpaid.
Meanwhile, analysts have speculated on the far-reaching impact of the expanding listing of foreclosure all around the state, claiming that this could further weigh the housing market down. They added that the trend also demonstrates how majority of lenders remain reluctant in helping homeowners modify their mortgages. Analysts also stated that as long as thousands of foreclosed properties are put into the market, the state will not be able to make any headway towards a recovery.
Statistics showed that although deed numbers have increased, petitions for foreclosures launched by lenders have declined by over 21% for the month of June when compared with June 2009. However, the decline is considered too narrow by most analysts to proclaim a recovery.
Real estate observers have stated that the big number of foreclosed homes under bank and federal home lists shows that the state is still at the crest of the housing market crisis, with the problem expected to continue through the rest of 2010.
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