Stay on top of the latest foreclosure trends happening in our market.

In recent national news, the Department of Housing and Urban Development has expressed concerns about a significant rise in mortgage delinquencies across the United States. Specifically, 11% of all FHA borrowers are delinquent on their mortgage payments, and approximately 1 in 37 homeowners are struggling to pay their mortgages.

The foreclosure market is particularly strained in the southern states, with notable struggles in Connecticut, Illinois, and Florida. So, what does this mean for homeowners in Massachusetts and New Hampshire?

Massachusetts ranks 16th in the nation for foreclosures, with 1,960 new foreclosure filings. New Hampshire, on the other hand, has just over 200 new filings, placing it lower on the national list. This indicates a normalization of the foreclosure market in these states.

“Selling your home before the foreclosure process begins can help.”

Previously, government measures had delayed foreclosure activity. With the lifting of these mandates, an increase in foreclosures was expected, though it has not yet reached alarming levels. Homeowners who bought their properties five or six years ago, whether through FHA or conventional loans, might be underwater on their mortgages and taxes.

The good news is that the real estate markets in Massachusetts and New Hampshire are strong. If you’re struggling with mortgage or tax payments, it’s highly likely that selling your home before the foreclosure process begins can help. This approach often allows homeowners to settle late payments and other debts, and many even walk away with money in their pockets.

Key Takeaways

  • Market Conditions: Massachusetts and New Hampshire continue to have a healthy real estate market with low inventory.
  • Foreclosure Activity: There is an uptick in foreclosures, especially in areas like Greater Lowell and the Merrimack Valley, but it remains manageable.
  • Proactive Measures: Bringing homes to market before foreclosure can prevent significant financial losses.

The national news may sound alarming, but the reality is that we’re seeing a return to a normal housing market with standard foreclosure processes. If you have any questions or need assistance, feel free to call or send an email.