The surge in foreclosure deeds in Greater Boston is good news for people engaged in Boston foreclosure investing.
In March, the number of foreclosure deeds in Boston rose by a whopping 51.4 percent from February to 1,389 deeds. Foreclosure deeds are foreclosure actions which are already completed.
The rise in home prices in Boston despite the increase in foreclosure deeds is also a favorable development for investors, as price improvements indicate the ability of the Boston market to recover. This means that foreclosure properties purchased for investments in the area have great prospects of being resold at a better price in the near future.
The Standard & Poor’s/Case-Shiller index indicated that house prices in Greater Boston rose by 1.8 percent in February this year compared to price levels one year ago. Housing market analysts at Harvard University said that the Boston market has been stabilizing and that more market signs are pointing to a recovery.
Analysts at the Federal Reserve Bank of Boston also recently released a report describing their upbeat outlook for Boston foreclosure investing and for the overall recovery of New England cities and states. They cited improvements in home prices, home sales, retail sales, capital spending, manufacturing activities and hiring efforts.
The analysts also reported that the majority of employers in New England are no longer cutting jobs and that many have even restored the wage and benefit cuts that they implemented during the height of the recession.
However, because of the delayed impacts of the recession on homeowners in Massachusetts, the number of properties posted for foreclosure auctions in Massachusetts rose in March. The number of default notices filed in March increased to 2,581, a jump of 22 percent from the 2,122 notices filed in February and a jump of 8 percent from the 2,381 notices filed in February last year.
As more distressed homes entered foreclosed property lists in Massachusetts, sales of single-family houses statewide increased by 17.5 percent in the first quarter to 7,310 units, compared to the 6,223 units sold in the first three months last year. Sales of condos also rose by almost 23 percent.
The median sales price for homes increased by nearly 9 percent to $276,750 in the first quarter from the $255,000 median in the first quarter last year.
With price improvements in Greater Boston and in Massachusetts, people engaged in Boston foreclosure investing have greater prospects for higher resale prices for their real estate investments.
Author Resource:-> Original Post: Surge in Repossession Great for Boston Foreclosure Investing on ForeclosureDeals.com.
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