2024 Update: Rising Foreclosures in Massachusetts – Insights and Opportunities
Massachusetts has begun the year with an increase in the number of foreclosure processes, which does not affect the national statistic that is on the rise; however, the properties that are entering foreclosure are very varied in all aspects; by location, we have properties from urban centers to rural areas, by size, layout, communities, and prices; there are bank-owned properties, sheriff properties, REO properties, and auction properties.
The cities with the most foreclosure processes are Springfield, Worcester, and Plymouth which have properties with various conditions and a wide price range that would go from $180,000 to $1,500,000. These properties are being constantly listed and updated and constitute a business opportunity for multiple types of investors.
On the other side of the economy, we have those homeowners who have entered the foreclosure process and who are facing a huge challenge to save their property or not, but the situation is a bit more complex because the panorama of the national economy is not at its best moment and does not seem to foresee a recovery soon.
In conclusion, although foreclosures are increasing, the market is responding with good dynamics, some sell and others buy, balancing the market.
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