Newton MA Short Sale and Lender Owned (REO) Market Report for September 2011
Yes, there are short sales and lender owned properties everywhere, even in affluent Newton MA.
Short Sales
There are currently 10 properties listed in the MLSPIN that are flagged as short sales requiring lender approval. Of these 10 listings 2 are single family houses, 7 are condos, and 1 is a multi-family. They are in all price ranges from the $200,000s to over $1,000,000. One thing they seem to share is a long time on the market. A couple of the them have been on the market for nearly three years, going into and out of agreement more than once.
As a percentage of the housing inventory short sales in Newton MA are a very small percentage. There are 10 short sales out of 396 active listings or 2.5% of the market.
An MLSPIN listing entry can have three states regarding short sales: “Yes”, “No”, or “Unknown.” Although there are 10 listings flagged as short sales there are 27 listings that are flagged as, “Unknown.”
Lender Owned (REO)
An MLSPIN listing can have three choices regarding Lender Owned status: “Yes”, “No”, or “Undisclosed.” There are 3 listings flagged as Lender Owned, but, there are also 34 listings flagged as Lender Owned status, “Undisclosed.”
Unknown and Undisclosed
The MLSPIN shows 40 listings where the Short Sale status is “Unknown,” and the Lender Owned status is “Undisclosed.” Out of the 61 combined Short Sale “unknown” and Lender Owned “undisclosed,” there is an overlap of 21 properties. So there are not as many distressed properties as it would first appear.
Why would an agent select “unknown” as the Short Sale status or “undisclosed” as the Lender Owned status ? A brief examination of the documents attached to the listings show that a few of the “undisclosed” are in fact Fannie Mae owned properties with special contract requirements. As for the others, your guess is as good as mine.
Conclusion
In conclusion, although there are short sales and lender owned (REO) properties in Newton MA for the most part the affluence of Newton MA residents has insulated them from the recent foreclosure epidemic. Of course there are also properties in Newton MA that are “underwater,” where the mortgage is greater than the value of the property, but that is another article.
Melville
Yes, there are short sales and lender owned properties everywhere, even in affluent Newton MA.
Short Sales
There are currently 10 properties listed in the MLSPIN that are flagged as short sales requiring lender approval. Of these 10 listings 2 are single family houses, 7 are condos, and 1 is a multi-family. They are in all price ranges from the $200,000s to over $1,000,000. One thing they seem to share is a long time on the market. A couple of the them have been on the market for nearly three years, going into and out of agreement more than once.
As a percentage of the housing inventory short sales in Newton MA are a very small percentage. There are 10 short sales out of 396 active listings or 2.5% of the market.
An MLSPIN listing entry can have three states regarding short sales: “Yes”, “No”, or “Unknown.” Although there are 10 listings flagged as short sales there are 27 listings that are flagged as, “Unknown.”
Lender Owned (REO)
An MLSPIN listing can have three choices regarding Lender Owned status: “Yes”, “No”, or “Undisclosed.” There are 3 listings flagged as Lender Owned, but, there are also 34 listings flagged as Lender Owned status, “Undisclosed.”
Unknown and Undisclosed
The MLSPIN shows 40 listings where the Short Sale status is “Unknown,” and the Lender Owned status is “Undisclosed.” Out of the 61 combined Short Sale “unknown” and Lender Owned “undisclosed,” there is an overlap of 21 properties. So there are not as many distressed properties as it would first appear.
Why would an agent select “unknown” as the Short Sale status or “undisclosed” as the Lender Owned status ? A brief examination of the documents attached to the listings show that a few of the “undisclosed” are in fact Fannie Mae owned properties with special contract requirements. As for the others, your guess is as good as mine.
Conclusion
In conclusion, although there are short sales and lender owned (REO) properties in Newton MA for the most part the affluence of Newton MA residents has insulated them from the recent foreclosure epidemic. Of course there are also properties in Newton MA that are “underwater,” where the mortgage is greater than the value of the property, but that is another article.
Melville
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