"Thousands in Mass. foreclosed on in ’07:
7,563 homes were seized, nearly 3 times the ’06 rate
TREND 1: The Globe reported that "…lenders initiated foreclosure proceedings against 7,467 Massachusetts homeowners" between July and September. That means that foreclosure petitions during the 3rd quarter of 2007 were nearly equal to the total number of actual foreclosures year round. Add that trend to the fact that foreclosure petitions topped 3,000 listings during October 2007, and you can see that the problem is growing. In fact, the number of foreclosure petitions in October approached the number of MLS sales in December 2007 as graphed in a previous blog post.
TREND 2: The inventory of unlisted properties or homes for "potentially for sale" across Massachusetts is also growing. It’s difficult to identify how many expired and canceled listings have been already been relisted in the MLS, and we can only guess at how many homeowners facing foreclosure would be willing to sell. Still, the inventory of homes "potentially for sale" may be approaching the number of active listings during this slow time of the year, as shown in the graph above.
Should you wait for more homes to come onto the market or be more proactive? The Real Estate Cafe is exploring ways to help home buyers search expired and canceled listings, and to approach homeowners with "unlisted" properties – particularly those who have received foreclosure petitions – with unsolicited offers. If you’re a homeowner willing to consider an unsolicited offer, or rent your unlisted property until you put it back on the market later this year, please contact us. Our qualified buyers are looking for ways to negotiate sales outside the MLS, and recognize that savings can be shared by doing so. (PS. Our menu of hourly and flat fees are modest by industry standards; and depending on negotiations, may be paid by our buyer clients so sellers retain more of their home equity.)