Friday, January 21, 2011
What's Happening to the Foreclosures?
According to Boston.com, in Framingham, there was a 4.9% decrease in foreclosures from 2009-2010. While other towns in the state saw an increase, cities and towns in the metrowest area seem to have fared better. After a recent ruling that put the titles of thousands of foreclosed properties into question, housing advocates are lobbying for bills to provide more protection to homeowners facing foreclosure and to require banks to negotiate with homeowners, provide more documentation, and have foreclosures reviewed by a judge. With so many legislative changes on the horizon and predictions of a more active spring market, it seems possible that, at least locally, the flood of foreclosures that the media keeps warning of, may not happen any time soon.