Realty Trac is reporting today that foreclosures continue to drag the price of homes down and with more coming, they will be a glut on the market by increasing inventory. The increase in the foreclosure process for Boston, Cambridge, and Quincy is pretty substantial at 67%.
The Realty Trac Map demonstrates the most serious regions of the country. The Boston area has not been as hard hit as many regions of the country. Even though Boston may have a 67% increase in new foreclosures, it means an additional 1340, while Southern California is expecting an additional 4300 new foreclosures.
Many people are thinking it is a good idea to take their homes off the market for the holidays, but given these statistics, nothing could be further from the truth. The spring market may simple produce an increase in inventory.
The good news is that Fannie Mae and Freddie Mac have learned their lesson about foreclosed homes they own. They will winterize the properties, but they do not turn off the heat. The damage that can be done to homes due to lack of heat can be costly. The lack of air flow and changing moisture levels cause damage to the walls, wood flooring, and woodwork, and the potential for mold can be increased.
Serious buyers are still looking for the right home. Sellers, keep your home on the market. Take advantage of the low-interest rates and the moderate inventory now.
