Massachusetts will need more than six years to clear out all homes currently in the foreclosure “pipeline” if present trends continue — meaning the state’s housing crisis could drag on until at least 2017, new figures show.
LPS found that banks are only seizing deeds on about 788 Massachusetts properties per month, even though 58,957 Bay State homeowners are either in the foreclosure process or at least 90 days behind on mortgage bills.
At that pace, lenders would need 6.25 years to retake title on all “at-risk” Massachusetts properties. And that doesn’t include houses that fall into delinquency between now and 2017, nor properties where banks have seized deeds but haven’t evicted the residents or resold the homes.
Read the rest of the article at the Boston Herald
No comments:
Post a Comment