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Archive for March, 2010

More Foreclosure Help On The Way

Friday, March 26th, 2010

The last few days have been filled with news about one program or another aimed at helping homeowners who are at risk of losing their homes to foreclosures.

The federal government just released details of a program designed to shrink mortgage payments  for unemployed homeowners.

As part of the program, the government is also pushing lenders to write down the value of loans to make them more affordable.

The news came the same week that Bank of America announced it will begin forgiving mortgage loan principal for underwater homeowners who owe 20 percent more than their homes are worth.

These programs could help thousands of homeowners, supporters say. In Massachusetts alone, foreclosure proceeds were started on more than 2,000 properties in February alone, according to statistics released by The Warren Group on Thursday. And foreclosure auction notices have more than tripled compared to last year.

I’m a little skeptical that these new initiatives are going to be successful. I’m curious to see what readers think.

Foreclosure Auctions At The High-End

Monday, March 15th, 2010

Foreclosure prevention counselors have been noting in recent months that the foreclosure problem has spread to more affluent areas.

Job cuts and high unemployment are hurting even more stable communities that had previously escaped the foreclosure crisis.

A quick check at some of the foreclosure auctions that have taken place in the last year throughout the Bay State shows there has been a spike in the number of single-family homes and condos that have been auctioned for $800,000 and higher.

There were 54 auctions where the selling price fell into that category from March 1, 2009 to Feb. 28, 2010, according to stats from The Warren Group. That’s up 64 percent from 33 auctions of single-family homes and condos that went for $800,000 or more between March 1, 2008 and Feb. 28, 2009.

And it’s been noted that ritzy areas like Nantucket, Concord, Wellesley, Weston and Brookline had more foreclosures in 2009 than they did the prior year.

The Warren Group’s new foreclosures numbers come out next week — it will be interesting to see what they will reveal.

What Kind Of Home Can $24.5M Buy?

Thursday, March 4th, 2010

Weston has no shortage of ritzy properties, but a press release that I came across announcing the listing of $24.5 million estate got my attention.

It’s not really a new listing. High-powered agents Beth Dickerson and Julie Harrison, who work for Gibson Sotheby’s International Realty’s Back Bay office, have had the listing for months.

The mansion, located at 5 Willow Road, is the site of the former Cabot Estate, home of the late philanthropist and businessman Thomas D. Cabot.

The residence was designed by local architect Jeremiah Eck. With 33,000-square-feet of living space, its features include six bedroom suites, a spa, pool and in-home movie theatre.

The market for such ultra-luxe properties has been slow. But if it sells, it would probably be the highest priced home to ever sell in Weston.

As far as I can tell, the highest-priced home that sold in Weston was a $10 million mega-mansion that sold back in June 2008. And eight homes with price tags of $6 million to just under $9 million have been sold in Weston in the last decade, according to records from The Warren Group.