Foreclosures Lash Cape Cod
Posted on June 27, 2008
Filed Under Repo Homes | 14 Comments
The arm shaped Cape Cod in Barnstable County has its own small town characteristics. The beach brings in a flood of tourists. With the opening of the Cape Cod Canal it has virtually turned into an island with three bridges connecting it with Massachusetts. Into this paradise has stalked foreclosures.
Foreclosures lashing Cape Cod reached record figures in May 2008 – the highest in 14 years. There were 54 foreclosures according to statistics released by Barnstable County deed registry office. The total for this year has touched 209. In May last year there were 209 foreclosure postings. From January to May 2007 there were 73 foreclosures. During the peak of the housing boom, through the years 2003 to 2005 Cape Cod witnessed on an average 30 foreclosures each year.
The year 2007 saw the beginnings of the foreclosure tornado. From then on the numbers began to increase. 2006 ended with 87 foreclosures in all. But in 2007 the numbers rose to 272 during the whole year.
Pam Parker of Housing Assistance Corporation, Hyannis, regretted that not only are the repo homes numbers increasing but the people are letting the situation turn from bad to worse by delaying in seeking help. Previously she had been able to help about 60% of her clients. Today that proportion has come down to 15%. Those coming in to seek help are in trouble mainly because the property value has plummeted to unforeseen depths. Equity has vanished. In such a situation it is well nigh impossible to save the foreclosed units.
From figures circulated by two real estate groups in the state it is clear that the housing market continued to flounder throughout May. The sale of single-family houses fell by 10% as compared to May of the previous year. This was as per the findings of Massachusetts Association of Realtors. The average price for such a house dropped by 9.2%. The unit that was priced at $355,000 now dropped to an asking price of $322,500.
The Boston based real estate data collecting firm, The Warren Group, reported more or less similar decreases. The sales number of single-family houses fell by 12.7% while the average price tumbled by 7.9% dragging down the price to $322,500. There was one ray of sunshine in the reporting of Warren Group – the volume of sale in Barnstable County increased by 10.4% in comparison to May 2007. But the average value dived down by 18.2%. During May 360 single-family units were sold.
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