All you Boston real estate buyers looking for bank owned properties may want to start getting serious. The Massachusetts foreclosure rate is falling dramatically, more than 25 percent from 2008 to 2009 according to Warren Group, a company that tracks Massachusetts and Boston real estate.
The main reason for this drop may be the increase in banks renegotiating loans, as well as a foreclosure freeze last spring. The foreclosure crisis that traumatized the nation is far from over. In fact, nearly 28,000 state homeowners were slammed with foreclosure petitions last year, a 28.1 percent increase from the year before, Warren Group said. We are also seeing an increase in luxury foreclosures and short-sales, a market segment that was practically untouched by the Boston real estate downturn until recently. Bank owned properties are popping up from Back Bay to Weston, something almost unheard of.