If a person in Massachusetts is looking for a bargain by purchasing a foreclosure.. well, maybe they better think again. There are new laws that just passed in Masschusetts that are holding up sales because every single foreclosure has to be investigated first. The press interviewed a gentleman who said it is one of the worst nightmares to hit the market. The “red tape” is not only holding up any foreclosed house from being sold but is investigating any past foreclosures that were bought. The courts are investigating the mortgages and the original bank that held the loan.
Since the economy nightmare houses have lost value at a rapid pace. BUT, could the market be on it’s way back up? Once the housing market started to drop it seemed to have dropped like a lead baloon. But now statistics show that housing sales rose to eleven percent in the past couple of months! Why are houses still losing value if this is the case? Well, the competition for people sellling their houses is STILL foreclosed homes. Homes that were valued at $400,000.00 are now $250,000.00. I have a home for sale in Winthrop Ma that I am trying to sell. It’s actually a 1/2 duplex condo. Five years ago I would have been able to sell it for about $200,000.00 easy but now I have it on the market for 142,000.00. I’m praying it will sell before the market goes down even more. Houses were going too high so it was inevitable that the market was going to bust. I think anyone who is thinking of selling should sell NOW before the market gets even worse. … Just my opinion.