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Springfield Top in Home and Commercial Property Foreclosure Listings

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By : John Cutts    99 or more times read
Residential and commercial property foreclosure listings continue to rise in Springfield, Massachusetts in the last quarter of 2010. The city recorded the biggest foreclosure deeds-related filings total in the whole state for the January-November period. The area had a total of 575 filings for the 11 months.

Foreclosure lists in Springfield increased for the year, with the number of deeds rising by 23.92% compared with the same 2009 period. During January-November 2009, the number of deeds filed in Springfield totaled 464, according to data presented by the Warren Group. Foreclosure deeds are part of the last stage of the foreclosing process.

Meanwhile, foreclosure petitions, part of the first processing stage before properties enter Massachusetts foreclosed home listings, declined in the area for the same period. Petition totals decreased by 13.4% in Springfield for the 11 months in focus to 913 from a high of 1,054 during the same period of 2009. In terms of single month comparison, November 2010 foreclosure deeds totaled 24, representing a 47.83% decline from the 46 posted in November 2009.

The whole state of Massachusetts, on the other hand, also experienced considerable growth in residential and commercial property foreclosure listings during 2010. Foreclosure-related deeds filed in the whole state for January-November 2010 totaled 11,750, up by 39.68% compared with the 8,412 posted in the same period last year based on the Warren Group data. Meanwhile, statewide petition filings for the 11-month period of 2010 declined to 1,109 from the same 2009 period total of 1,937, representing a 42.75% decrease.

Deeds filed, which pertain to the initial step involved in putting properties in commercial and home foreclosures list, decreased statewide to 416 between January and November 2010 compared with the same 2009 period, giving Massachusetts a percentage drop of 40.74. According to housing market analysts, the figures have been affected by the countrywide moratorium implemented by several major lenders all around the U.S.

Local industry analysts have also reported that the huge percentage of properties under residential and commercial property foreclosure listings in Massachusetts are owned by people who have lost jobs or have suffered from income declines. As opposed to the first year of the foreclosure crisis, troubled property owners in 2010 are mostly regular mortgage holders and not subprime mortgage borrowers, analysts have added.

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