As anxious home buyers and sellers navigate their way through the Worcester real estate market, a new report on the state's foreclosure trends suggests that people all across Massachusetts are finding effective ways of managing their mortgage obligations.
The Warren Group, a Boston company that follows the ebbs and flows of regional housing developments, announced that the number of statewide foreclosures initiated in September of 2013 fell 69% over comparable numbers of foreclosures filed in September of 2012. Locally, Worcester County foreclosures dropped 65% over the same time period, though Worcester still has the highest rate of foreclosure occurrences in the entire state when considered by county.
The number of foreclosures reaching the deed stage of the foreclosure process dropped by 52% statewide. In Worcester County, deeds dropped by 51% of the prior year's amounts.
Both improvements in the regional housing market as well as the existence and utilization of government-based programs for struggling homeowners have helped thwart the previously overwhelming number of foreclosures from rising. As these findings support the idea that the real estate crisis may be ending, more people may be willing to get into the market as first-time and returning homeowners.
While these numbers are fantastic news for the overall health of the state, some individuals may still be worried about how they will make their mortgage payments. For those people who fear that their real estate properties may fall into foreclosure, different options exist for managing their financial obligations. Legal and financial professionals can assist struggling homeowners by working with their mortgage lenders to establish manageable payments and avoid foreclosure.
Source: Worcester Telegram News, "Mass. foreclosures falling; Worcester County still highest," Priyanka Dayal McCluskey, Oct. 29, 2013