Ashburnham, the Third City with the highest foreclosures in Massachusetts
Recently, Massachusetts Housing Partnership conducted a study on foreclosures in Massachusetts. They reported that several communities in North Central Massachusetts were hit by the foreclosure crisis.
According to their study, the state’s third most troubled community is Ashburnham, where 30.5 units were foreclosed or distressed in every thousand properties.
On top of the list was Brockton, which has a rate of 34.7 units per thousand foreclosed or distressed homes; Winchendon was second worst with a rate of 32.6.
According to the study, the big number of foreclosed and distressed properties is due to homeowners suffering from unemployment problems and the bad economy. Subprime mortgage mess, which badly hit inner cities, could not be the reason.
Davis does not believe that the cause of foreclosures in such a rural area as Ashburnham is sub-prime lending. According to him, “Traditional reasons why people are foreclosed on are change in family or employment.” This is usually the story behind signboards, such as foreclosures for sale in Nashua NH as well.
Recently, the Warren Group, which studies the Real Estate market trend in Massachusetts, reported that there has been a decline in foreclosures in Massachusetts during October. The foreclosure deeds in October were 557, which is considerably less than the 890 foreclosure deeds completed in September.
However, this figure may be distorted because of the suspension of the foreclosure activity of Bank of America in order to review their process and document, said Timothy M. Warren Jr, CEO of The Warren Group.
“While the decreases in foreclosure volume are welcoming, we should not be fooled into thinking that foreclosure problems are behind us,” Warren stated.
This year in Massachusetts, a total of 22,091 foreclosure petitions were delivered.
Davis believes that it might still take some time before they can recover from this decline. Nevertheless, Massachusetts’s economy is beginning to recover as a whole, he said.
“It’s hard to know when you’ve hit bottom, but I tend to feel that we have,” according to Davis.
For more information on the foreclosure housing market as well as foreclosures for sale in Nashua NH or anywhere in the country, visit E-ForeclosureSearch.com.
Original post: http://www.e-foreclosuresearch.com/blog/ashburnham-city-foreclosures-massachusetts/ on E-ForeclosureSearch.com, your source of a HUD foreclosures.
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