Foreclosures are way up in Mass. This is always a tragedy for everyone involved. A person, or worse a family, looses their home. The mortgage company looses on the loan. Value lost on the house is crippling to everyone involved. Everyone involved in the transactions is leaping through hoops for months to accomplish something no one wants to do.

Statistics compiled by the Warren Group, a major researcher of the real estate industry, indicate a serious upward trend. Completed foreclosures in Massachusetts 80 percent in April,(1,372 in 2010/764 in 2009) compared to last year. Compared to March 2010 though, They’re actually decreasing…a little bit. (1389) Not much, but it’s a start. Coupled with bullish reports from MLS on single family home sales on the South Shore and a strongly optimistic report from the NAHB last week, there are indications that the real estate market recovery is lagging behind the overall economic recovery.

That’s pretty much the way it works though. It all revolves around unemployment. That’s the seed everything grows from. The Boston Herald reported last week: “The Bay State’s unemployment rate fell by a fraction last month to 9.2 percent from 9.3 percent in March – the second consecutive month of declines, according to the Executive Office of Labor & Workforce Development. Preliminary job estimates for April count 3,167,000 jobs in Massachusetts with 19,100 new jobs added to the state’s economy, the largest over-the-month job gain in 17 years, the state said.” That positive trend holds more weight than any of the others as a positive sign for South Shore recovery.

Still foreclosures will continue. Hundreds, if not thousands, are somewhere in the process right now, with hundreds more added each month. What options are out there for those poor souls? This week we’ll focus on a couple of possible options:
downsizing, short sales, and refinancing. Before embarking on any of these, or any transaction, consult a real estate law professional, that represents your interests, knows the details of your situation and will have the best advice on what solution fits your specific needs.

Lew McConkey
Focused on Home Buyers and Sellers in Brockton, Abington, Whitman, Hanson, Halifax and East Bridgewater

Rosen Realty
(781)252-9789
Lewmcconkey@rosenrealty.com