Pending sales fall in August
— By: Marilyn JacksonPending sales of condos and single-family homes in August fell in year-to-year comparisions, but the number of single-family homes placed under agreement between July and August increased, according to the Massachusetts Association of Realtors.
For condos, the pending sales dipped from 1,466 to 1,435 in a month-to-month comparison. In August 2009, pending sales of condos totaled 1,770.
Kevin Sears, broker-co-owner of Sears Real estate in Springfield and president of MAR, said that the rock-bottom interest rates may be starting to have an impact.
Petitions to foreclose drop, but deeds nearly double
— By: Marilyn JacksonA record number of foreclosures were recorded across the state in July, but the number of petitions to foreclose dropped, according to the Warren Group, which publishes Banker & Tradesman.
The petitions are the first step of the foreclosure process, and many times the financial problems can be resolved before the properties are sold.
Fewer petitions may be a hint that the housing crisis is abating. The federal government has created programs to help rescue homeowners who are facing foreclosure.
