Foreclosure Activity Increases

November 13, 2008 | Filed Under Boston Real Estate, Real Estate News, Real Estate Trends and Statistics 

Foreclosure activity rose 5 percent in October from the previous month and was 25 percent higher than October 2007, according to the latest report from RealtyTrac, an online marketer of foreclosure properties. Foreclosure filings — which include default notices, auction sale notices and bank repossessions — were reported on 279,561 properties for the month, or one in every 452 housing units in the U.S.

October marks the 34th consecutive month where foreclosure activity has increased compared to the prior year. Nevada, Arizona and Florida posted the highest foreclosure rates in October.

James J. Saccacio, chief executive officer of RealtyTrac, says recent legislation aimed at stemming the tide of foreclosures has helped in some states, but it may not be enough. “While the intention behind this legislation — to prevent more foreclosures — is admirable, without a more integrated approach that includes significant loan modifications, the net effect may be merely delaying inevitable foreclosures,” he says.

Foreclosures are the “hair ball” of the economy… Once the market will be able to clear up the foreclosure sales, the market will bounce back up. Fortunately, we don’t see a lot of foreclosures in the downtown Boston Real Estate market, that definitely helps the downtown market to remain strong.

Comments

Search

As Boston Real Estate professionals, our mission is to provide you with the best home-buying or home-selling experience in Boston. Search MA properties through MLS on our website, www.bushari.com. We pride ourselves on exceptional customer service, and look forward to sharing that service with you.

Bostonian Lofts is the premiere website for information about Boston Lofts. Read about Boston Loft Developments and how we can help you purchase or sell your Boston Loft.

We write the quarterly Boston Real Estate Market Report to help our clients better understand the real estate market in some of Boston's most popular neighborhoods. The Boston Real Estate Market Report breaks down the real estate market of each Boston neighborhood into categories based on the number of bedrooms. The report gives clients a detailed look at localized market trends. Subscribe for FREE today!

MLS Search

Property Types

Condo / Townhouse Single Family Multi Family Commercial Land All     Attributes Parking Fireplace Waterfront Pool Penthouse Full Service Price / Region Any Price 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000 500,000 550,000 600,000 650,000 700,000 750,000 900,000 950,000 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000   to  Any Price 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000 500,000 550,000 600,000 650,000 700,000 750,000 900,000 950,000 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 10,000,000+ Select an Area Any Arlington Belmont All of Boston Allston Back Bay Beacon Hill Brighton Charlestown Chinatown Dorchester East Boston Financial District Fort Hill Hyde Park Jamaica Plain Leather District Mattapan Midtown Mission Hill North End Roslindale Roxbury Seaport District South Boston South End The Fenway Theatre District Waterfront West End West Roxbury Brookline All of Cambridge Agassiz Cambridge Highlands Cambridgeport Central Square East Cambridge Harvard Square Inman Square Kendall Square Mid Cambridge North Cambridge Porter Square Riverside West Cambridge Chelsea Dedham Everett Framingham Lexington Malden Medford Milton Natick Needham All of Newton Auburndale Chestnut Hill Newton Center Newton Highlands Newton Upper Falls Newtonville Nonantum Waban West Newton Peabody Quincy Revere Somerville Waltham Watertown Wellesley Weston Advanced MLS Search