Massachusetts is situated in the heart of New England where you can find different types of Massachusetts foreclosure homes. Alternatively you can choose from Massachusetts foreclosures listings.
Massachusetts consists of picturesque seaside communities, small and pretty rural towns and fast paced urban areas. It has an overall unique ambiance that attracts new residents each year. If you are contemplating a move Massachusetts then you will be happy to know that the state offers some of the best housing administration and opportunities. Due to the high rates of Massachusetts foreclosure in the recent past, a lot of homes have been made available for first time homebuyers as well as investors.
If you are a first time homebuyer and if you have moved in from another state then you don’t need any kind of formal procedures for establishing a residence in Massachusetts. If you have an automobile registration, driver’s license, or voter registration, and rent, mortgage or telephone bills then they are proof enough. Of course various public or private agencies might have their own specific requirements for proof of residence.
Massachusetts amidst the foreclosure storm
In the year 2005, almost 11,500 foreclosure filings took place in the Massachusetts Land Court and most of the notices were filed by either mortgage companies or banks. This happened because many homeowners defaulted on their loans. This also signifies a 32% increase from 2004. As a result of the foreclosure filings, an inventory of Massachusetts foreclosed homes were created. As an investor or buyer, you can take advantage of this situation to buy a home that will suit your needs. Massachusetts offers different types of homes from single family home to multiple families and from fixer upper to HUD and VA homes and all this at a cheap price.
Bank foreclosures in Massachusetts are always auctioned to the public and the best bidder gets the home. These homes are sold in a as you see it condition, which means that if any repair is required then that will be your responsibility. During the housing boom that lasted from 1999 to 2004, there was an unprecedented increase in the cost of houses and condominiums by almost 10% and this had put the home-price appreciation in Massachusetts among the country’s highest. IN 2005, the price gains slowed down and fell by 5%. The prices of the single-family home went flat and even declined in certain suburban neighborhoods. Massachusetts bank foreclosures were sold for less than the market rates.
The biggest spikes in 2005 took place in Suffolk County (45%), Essex County (went up 48%), Barnstable County (47%), and Bristol County (44%). All in all the real estate market was thrown open with more and more Massachusetts bank foreclosures up for sale.
According to a 2004 report, the median price in Greater Boston for a single-family home was approx $376,000, which is an increase of 9.5% since 2003. The average price for a condo in the same area saw an increase of 9.3% and was priced at $282,000. In the event of such a price hike, more and more people looked for foreclosure homes in Massachusetts. In 2005-2006, Massachusetts foreclosure homes sold like hot cakes and experts say that the trend will continue through this year too.
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