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Massachusetts Foreclosure Homes Lead August Sales

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By : John Cutts    99 or more times read
Sales of Massachusetts foreclosure homes dominated the real estate market last month. Home sales in Plymouth County rose last month, helped by foreclosure properties.

According to industry experts, the increase in home sales helped stabilize a housing market that has not experienced any positive activity since the start of this year. Experts are hoping that the increase in home sales is the catalyst that the housing market has been waiting for a long time now.

Many experts are cautiously optimistic about the current market situation which they described as stable. They believed that the market will remain in its current stable state if the federal government would extend the $8,000 tax credit given to first-time homebuyers.

They said that first-time homebuyers contributed a great deal to the stability of the housing market in the state by boosting sales of Massachusetts foreclosure homes.

According to data from the registrar's office, there are 702 deeds recorded last month, representing a drop from 750 in July but was higher compared with the figures for the same month last year.

Data showed that sales volume rose after dropping by 17 percent from January to May this year, compared with the same period the previous year. The year-to-date figures dropped by 12 percent in August.

Meanwhile, the average home sale price in the first month of this year dropped by 32 percent to $255,545 compared with the 12-month average price of $333,972 the previous year. On the other hand, from January to August this year, Plymouth County posted a steady year-to-year average increase, reaching about $296,548.

Industry experts noted that the year-to-date sale price dropped when compared with the 2008 figures, with the shortfall declining to 15 percent from 32 percent.

Experts also pointed out a drop in the county's foreclosure rate this year. But they warned about the anticipated foreclosures that will swamp the market soon. The anticipated increase in foreclosures has been seen already in Brockton where the number of distressed properties is higher compared with other communities in Plymouth County.

Market data showed that from January to August of this year, 352 notices of default and 261 actual repossessions were reported in Brockton. Plymouth posted 132 notices of default and 83 actual foreclosures while Wareham reported 67 default filings and 49 foreclosures.

Industry experts are also concerned that people who are about to lose their unemployment benefits could impact the housing market.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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