Mass. a leader in foreclosures, home price reductions

[midnight armadillo]

http://www.boston.com/business/ticker/2006/08/mass_a_leader_i.html?p1=MEWell_Pos1

Two new reports on the housing market in Massachusetts and elsewhere offer a glimpse of a weak market where foreclosures continue to rise and where in some communities more than half the homes on the market have had their asking prices reduced.

In one report, the town of Newton tops a national list of cities and suburbs in the percentage of homes on the market at least a month that have had their asking prices reduced. That same report, the first of its kind from national online real estate agency Zip Realty, ranks Massachusetts second only to California among states with cities in the top 20 for percentage of price-reduced homes.

The second report, from research firm RealtyTrac Inc., reported that foreclosure filings in the metropolitan Boston market increased by 181.1 percent in the second quarter of 2006 compared with the same period a year ago. In the second quarter the area had 1,823 foreclosure filings, which is the first step taken by lenders toward reclaiming properties from delinquent mortgage holders. That's one foreclosure for every 1,243 households.

Both reports were released today.
(By Keith Reed, Globe staff)

[Stargazer99]

1. Guess who loses and who gains...it ain't you

Those that own the means of production (financial heads) will gain and you home owner will lose. These ARMs should have never been allowed.

[midnight armadillo]

2. Well, I rent, not own...

...and the prospect of being able to find a modest 3-bed home in eastern MA for under $400k with a good school system is an attractive one.

Of course, that'll be accompanied by economic meltdown. Good thing I work for the feds :)