The growing inventory of Boston repossessed houses for sale and the high rates of foreclosures among various areas of the state are still considered primary concerns in Massachusetts. The housing market problem is further exacerbated by the continuous increase in the unemployment rates of various local areas.
As more and more people in the state find it hard to find jobs, the total of repo properties in Massachusetts also continues to increase. Foreclosure rates are said to be rising again in certain parts of the area, with the North Shore region being just one of these places. However, local analysts have stated that North Shore is not the hardest hit among counties and cities in Massachusetts and that there are other areas that are suffering higher than usual foreclosure numbers.
Analysts have also added that in some areas of Massachusetts, the high number of repo houses for sale is often not obvious, with the usual signs, like derelict and abandoned homes, not seen in some areas. However, this does not mean that foreclosure is not hitting certain communities like others where signs of foreclosures are quite obvious.
The growing quantity of Boston repossessed houses for sale is probably one of the highest in the whole state. However, other counties recorded higher foreclosure rate increases than Boston during the period of January-June 2010, with Peabody recording an almost 50% rise in the number of foreclosure deeds for the month of June.
Meanwhile, the number of bank owned foreclosures and other types of distressed properties also rose in Danvers and Beverly counties. Salem, on the other hand, recorded a decline in the total number of foreclosure deeds, taking its total from 40 down to 35 as of June 2010. The figures were compared with the same six-month period of 2009.
Local housing market statistics also showed that smaller towns are experiencing rising foreclosure rates, with Marblehead recording a jump in total foreclosure to 13 from a low of five. In Hamilton, foreclosure rose to nine from a low of one. Despite these increases, most analysts believe that the problem of Boston repossessed houses for sale and foreclosure properties in various areas of the state will soon level off and the state will be on its way towards a recovery.
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