A second wave of foreclosures is ready to hit Massachusetts, and banks dump the properties they own in to an already weak market.
There are at least 33,000 homes in Massachusetts behind at least 90 days in payments, 4, 077 homes already owned by lenders, and more than 26,000 in foreclosure. A recent surge in completed auctions of foreclosed real estate threatens to hit areas like Lawrence especially hard.
“The number of auctions is off the chart,’’ Northeastern University dean Barry Bluestone told Jenifer McKim at the Boston Globe. “It can have the effect of continuing to depress prices just as they are continuing to come back.’’
Chapter 13 bankruptcy filings can prevent losing a home to a foreclosure sale.