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Problem of Boston Repossessed Houses for Sale Might Be Easing



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By : Allana Castro    99 or more times read
Although the number of Boston repossessed houses for sale and foreclosure rates in almost all areas of Massachusetts remain huge concerns, some analysts believe that the state's property market might have a better chance for a quick recovery than other areas due to improving job market conditions.

Just like in other states, majority of foreclosures and repo homes in Massachusetts are due to job loss. That is why the recent surge in employment in the state is being seen by real property market analysts as a potential sign that the area is on its way towards a recovery. Some have even stated that Massachusetts will have a quicker recovery than most regions in the U.S.

The huge number of repossessed houses for sale might be offset by the broad-based increase in the number of Massachusetts jobs, according to some economists. Job market statistics for July saw the state adding more than 6,000 jobs in restaurants and hotels, 1,600 in retail industry and 2,800 in manufacturing.

According to real estate market observers, Massachusetts was one of the first regions to experience a housing market downturn, with huge numbers of Boston repossessed houses for sale contributing to the decline of the whole state's real estate market. Some analysts believe that, because of this, the state might also be one of the first areas to recover from the property industry crisis.

They stated that Massachusetts might be reaching the bottom ahead of other states and its market for distressed homes for sale might be starting to level off. This could mean that the state will exit the housing industry downturn ahead of other regions, particularly with job growth happening in the area.

Despite the increase in the total number of jobs for July, the state posted the same unemployment rate as June 2010 which is 9%. Analysts have stated though, that the total number of jobs added is the more important factor and can be considered a significant step towards a recovery.

The number of Boston repossessed houses for sale is expected to remain a problem for the whole state of Massachusetts, but the growth in the number of jobs during July is also being seen as a factor that could somehow ease the burden caused by these repossessions.
Original Post: Problem of Boston Repossessed Houses for Sale Might Be Easing on Repo-Homes.com.

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