A decline in foreclosure activity should bring Boston buyers out from behind closed doors
By now, everyone has felt the effect of the national economic crisis that sent shockwaves across the U.S. in the late 2000s. Whether you lost your home or saw your financial standing decline, you will be interested to hear the latest foreclosure reports from one of today's leading online marketplace for foreclosure properties.
According to the industry leader's report for September and the third quarter of 2012, which indicate foreclosure filings - defaults, auctions and repossessions - were reported on 180,427 American homes in September - a month-over-month decline of 7 percent and a 16 percent year-over-year dip. In fact, September's total was the lowest since July 2007.
"We've been waiting for the other foreclosure shoe to drop since late 2010, when questionable foreclosure practices slowed activity to a crawl in many areas, but that other shoe is instead being carefully lowered to the floor and therefore making little noise in the housing market - at least at a national level," real estate expert Daren Blomquist said in a statement.
The latest news on the national housing market could encourage local residents to invest in the houses for sale in Boston. While hip, young professionals may be drawn to areas like Davis Square for its exclusively urban-style properties, the Boston Globe reports the majority of new households in Greater Boston are formed in key suburban areas within various city lines.
In the Hub, urban neighborhoods saw a 0.27 percent growth in new households from September 2011 to September 2012. In contrast, more suburban regions grew twice as fast by 0.63 percent. Boston Globe contributor Scott Van Voorhis writes that the suburbs may still be king, but suburbanites still want to take advantage of downtown amenities. Therefore, homes in areas like Hingham and Needham, which are both close to Greater Boston, may offer more value to prospective buyers today. In fact, Voorhis goes on to claim that walkability is also king, and that towns offering more outdoor entertainment opportunities may generate greater interest in the near future.
Buyers who are encouraged by the latest foreclosure news should begin their search for property sooner rather than later. With an influx of new buyers entering the market, homes for sale in Boston may be claimed quickly, and competition is fierce. To avoid some of the hardships of homeownership in a city, buyers should shop in suburban areas within close proximity to the amenities of urban life.