Although investment groups have snapped up large numbers of foreclosed
homes in some parts of the nation, often converting the houses to rental properties, Realtors who handle Worcester foreclosures say individuals are doing most of the buying here.
hotel rooms increased more than 22 percent from the second quarter to 9,239--a 106.8 percent jump from the beginning of the year.
But John added that while the foreclosure problems might not impact the sales of foreclosed
properties directly, they would definitely impact the numbers of foreclosed
properties coming onto the market because the foreclosure process problems went to the question of valuation.
"This particular business seemed like it would be a good opportunity," Nicolo said of REO RESQ, "especially considering the economy with foreclosed
Massachusetts ranks 19th among the 50 states in the number of foreclosed
homes, and RealtyTrac lists Worcester County as having the most foreclosed
homes of any county in the state.
According to Reuters, Bank of America Corp (NYSE: BAC) has announced a plan to go ahead with its second round of bulk sales of foreclosed
"We have amassed an inventory of foreclosed
and distressed real estate that we have enhanced the value of through rehabilitation and restabilizing, and as a result we are seeing offers from all kinds of buyers looking at our inventory," says Charles Blumenkehl, CEO and managing partner of Blue Asset Management.
RealtyTrac, a firm which specializes in tracking foreclosed
properties, has reported that foreclosed
homes accounted for 24% of home sales in the U.S.
First Federal Bank foreclosed
on the property in January for $150,000.
The new law requires the purchaser of a foreclosed
property to give renters 90-days pre-eviction notice.
This borrower apparently got in over his head, owing Fannie Mae--which either bought or insured the loan--$220,000 before it foreclosed
on the property last year.
Foreclosure.com data also indicated that investors moved quickly to purchase foreclosed
properties, with more than 25,000 foreclosed
homes being sold in April.
This property was formerly foreclosed
upon by New York Life and was sold at 18.6 percent occupancy.
Nonperforming assets declined to 0.64% of total assets from 0.76% in 1992, and foreclosed
property held by the nation's credit unions fell to $181 million from $190 million in 1992.
Real estate website Lamudi Philippines released to the media April 27 the 10 cities which have the most number of listed foreclosed
houses in its site.