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More Homes Ended in Sales of Bank Owned Residential Properties in 2010

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By : John Cutts    99 or more times read
More properties were offered at sales of bank owned residential properties in Springfield, Massachusetts, last year. The city had the highest foreclosure total in the whole state in 2010, recording a rise of nearly 20% when compared with year-ago levels based on data released by the Warren Group.

A total of 595 bank owned home foreclosures in Springfield was recorded last year, representing an 18.29% rise when compared with the 2009 total of 503. According to housing market experts, the rise in foreclosure numbers in the city demonstrated the level of impact that unemployment has had on the metro area. The latest unemployment data available for Springfield was for November 2010, wherein the metro area recorded a 13.1% unemployment rate.

This unemployment rate is much higher than the national average of 8.1% for the same month, making Springfield the ninth metro area in the U.S. with the highest rate of unemployment. Meanwhile, bank owned properties in Massachusetts also increased last year. Statewide figures showed that foreclosure deeds that were filed for the whole state jumped by almost 32% in 2010, with year-end total at 12,233, up from the 2009 total of 9,269.

Local economists have stated that the huge number of properties under sales of bank owned residential properties in Springfield reflects the fact that the metro area is behind the rest of Massachusetts in terms of household income. However, some hope was provided when data for December 2010 was released, showing that the region has inked a decline in foreclosure numbers.

December data from Warren Group showed that properties receiving foreclosure deeds for the month declined by more than 48% in Springfield, giving hope that the metro area will have fewer properties in bank owned home listings in the coming months. The total for the month was 20, down from the December 2009 total of 39.

Meanwhile, foreclosure petitions, or the first step before properties end up in sales of bank owned residential properties, also declined for the whole 2010 period in the city, posting a total of 945 in 2010. This represents a 15.78% drop from the 2009 period, when a total of 1,122 petitions was issued in the metro region.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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