More Massachusetts Inventory On Its Way???

By now, many of you have learned that the Attorney General's office of Massachusetts (headed by Martha Coakley) and Goldman Sachs, in the first settlement of its kind in the entire country, have agreed to have Goldman reduce the size of sub-prime loans for some 700 Massachusetts homeowners by up to 35 percent.

This settlement is noteworthy for two very important reasons: 1)Goldman did not originate these loans but is still being held accountable and 2)with a reduced mortgage, some of these homeowners may very well be in a position now to put their homes on the market. This means that in the next few months, there may very well be a surge of more inventory here in Massachusetts.

Here is the link to the Boston Globe article:

http://www.boston.com/realestate/news/articles/2009/05/12/state_gets_subprime_loan_cuts_for_700/

From the article, "As part of the settlement, Goldman Sachs will reduce the outstanding balances of sub-prime mortgages for 714 homeowners, most of whom live in Boston, Brockton, Lawrence, Springfield, and Worcester." (emphasis mine)

Do any of you know any of these homeowners? Maybe we should think about getting to know them soon!