Massachusetts ranked third among US states for the greatest decline in foreclosures in February as compared to February, 2008, according to a Smart Money article today (See Bright Spots on the Foreclosure Front).
However if you are still looking for bargains, they can and will be had for some time. Locate foreclosed homes for sale in Massachusetts at http://www.foreclosurelistingtoday.com/
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Shortly after stating that MA may have declining foreclosures, the cited Smart Money article goes on to say “So does this mean things are turning around? Sadly, this trend may be short-lived, says Erin Smith, senior economist with Moody’s Economy.com.”
There may be a large REO inventory of bank owned homes, but looking at REOs or auctions isn’t the true indicator of the number of foreclosures being started.
In fact the cited number of over 10,221 foreclosure filings in the 2 month period of December 2008 - January, 2009 is off by a factor of almost 3.
The actual number of foreclosures filed in that time period is 3593.
At ForeclosuresMass.com, we track all foreclosures that START in Massachusetts, which provides a more complete and comprehensive look at the stats statewide.
The stats that Smart Money has obtained combine foreclosure files with auctions, foreclosure sales and REO listings which can double and often TRIPLE count the same foreclosure which does not provide for an accurate state-to-state comparison.
Hi Jeremy,
You made a great point about the fact that there may be more foreclosures “coming up”. However, even if the growth in foreclosures goes down, that is a good thing because it signals that things are “getting worse less fast” which is usually before things bottom out.
Cheers,
REMB
As someone else said, one of the key things to remember here is
“…that is a good thing because it signals that things are “getting worse less fast”
Considering all the bad news that comes out of the media everyday, a drop in foreclosures is definitely welcome.
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