Affordable Massachusetts Foreclosure Listings

By: philip smith

Where can a buyer needing a family home right now, this quarter of this year, find the most affordable of homes in Massachusetts Foreclosure Listings? Since choices are always limited at the bottom of the real estate ladder, where does the buyer start, and should he hope for the luxury of choice? And if he buys now, rather than pay rent through the winter, will he see the value of all the homes around him depreciate even further?

There is hope in Massachusetts that the stronger job growth in the advanced economy of this small but densely populated state, will cushion the fall of house prices and help the market recover sooner than elsewhere in the nation. House prices have moved down noticeably since the peak in 2005, and have fallen for 16 consecutive months. The single family home price median has dropped just under 5% in this last year. Sales are way down; in some communities in the greater Boston area, the traditional market holds inventories of 130 days and more. Higher priced homes, particularly those requiring jumbo mortgages, above $417,000, have needed much bigger reductions in listed prices in order to sell sooner. None of the 14 counties have been immune to increasing numbers of foreclosure filings since winter of last year.

Mortgage lenders are on record in the local press as being open to short sales proposals in order to stem the tide of homes under notices of default going on to auction. Buying a very well priced, maybe partially restored, home from an investor making his profit from a short sale is definitely an option.

Buyers hoping to find that affordable property and move in before winter's harsh storms need to act now. Although most predictions are that the housing market slump will not stabilise in Massachusetts until 2008, no one is willing to forecast when signs of recovery will be seen. Cautious buyers with prime mortgage prequalification and cash for the deposit should make their play now rather than wait for prices to fall lower. When looking at foreclosures as a way to get even better value, home buyers should always decide on the location first, after all you are there for the long term, you have the means to buy and hold until prices and a stable market rebound. If the area is new to you, choose a realtor who knows both that area and the foreclosures market well. One who lists HUD and bank owned property may be an excellent choice if you want to know you have seen all there is to fit your requirements. Then supplement the agent's recommendations with filtered leads from a reputable online foreclosures listings database and go looking. Affordable housing in Massachusetts? This year, that's for sure.

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