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Metrowest MA Foreclosure Update
Today I received a news release from RealtyTrac, which is the leading online source for foreclosure properties. The report made me question how the specific Metrowest Massachusetts marketplace is doing in regards to foreclosures. This post will report on the following questions you may have:
Are there a bunch of foreclosures driving down home values in our area? How much of a discount can I get if I buy one of these foreclosure properties? Is the market getting worse or better out there? Foreclosures in Massachusetts
RealtyTrac reports that Massachusetts is one of the top 5 states in % of foreclosure sales for the 1st quarter of 2010. (June 30th - Not really sure why it took so long to issue these stats??) As alarming as this sounds, let's look a bit closer...
Number of foreclosure sales were 2,111 in quarter 1, which is 42% of all sales! Sounds bad, right?
How does this compare to other states they reported on? It works out to .9% of Total foreclosures in the United States.
Still digging a bit deeper, I checked MLS data for number of sales in MA for the 1st quarter. MLS reports 6628 total single family home sales, which works out to ... more
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