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New Hampshire Distressed Properties Double in One Month
By jason | March 26, 2008
New statistics show that the amount of new distressed properties and foreclosures in New Hampshire have more than doubled in a one month span of time. Last month, the New England state recorded 660 homes entering into some stage of foreclosure. This is a huge leap over the 320 recorded statewide in January causing many to wonder what exactly may have happened.
Many are blaming the fact that low property values have created a buyer’s market in which people can afford to wait for the best price on a property to come down, while homeowners are having trouble getting anywhere near the price they paid on their mortgage for a home when it comes time to sell. When owners of distressed properties need to sell as their only means of avoiding a foreclosure due to a default debt, they simply cannot raise enough money to cover the mortgage loan, and thus foreclosure becomes the only option.
New Hampshire has definitely been hit with its share of the national burden of foreclosures, but this has been the largest leap in the state’s inventory in recent history. When comparing February of 2007 with February of 2008, one sees that there has only been a 60% jump in the foreclosure rate overall, despite the staggering rise in the one month time frame.
For investors, this could be a sign to get involved in buying distressed properties, especially ones available through pre foreclosures. With owners of distressed properties looking to sell homes to avoid foreclosure, this could be a great opportunity to get some good savings by buying direct from the owner.
Topics: Distressed Homeowners |