Freddie Mac announced November 20, 2008 that it has ordered its national network of mortgage "servicers" and foreclosure attorneys to suspend all foreclosure sales and evictions involving occupied single-family and 2-to-4 unit properties with Freddie Mac-owned mortgages between November 26, 2008 and January 9, 2009.
Wouldn't you hate to be the guy who gets evicted on November 25, 2008?
The suspension will help those that service mortgages implement the "Streamlined Modification Program" recently announced by Freddie Mac, Fannie Mae, the Federal Housing Finance Agency, HOPE Now and 27 mortgage servicers. The temporary suspension is also expected to give servicers more time to help borrowers avoid foreclosure.
Freddie Mac expects to approve 84,000 workouts in 2008 for the estimated 140,000 who are delinquent on Freddie Mac-owned mortgages.
Built in 1690, community leaders founded Bradford College there in 1803. The property is located across from the Bradford Common.
A Haverhill, MA contractor, who plans to use the site for an antique shop, made the highest bid, The Eagle-Tribune reported November 21, 2008. The contractor, Cale Wood, also must pay a 10 percent fee to the auctioneer, bring the total price to $209,000.
I viewed the property at an open house on November 14, 2008. The property seemed to be in decent shape, especially considering the age. There seemed to have been several updates over the years. The property includes about eight parking spaces.
More than 40 people attended the auction, but only nine were registered to bid. Of the nine, only four made bids, according to The Eagle-Tribune.
A group made up of interested neighbors, the Bradford College Alumni Association, and the nearby First Church of Christ also bid, but had to drop out of the bidding at around $180,000.
After seeing the median price of both single-family and condominium homes increase from January through September in 2007 compared to 2006, the number of sales and median price in Andover, Massachusetts declined in 2008.
The data comes from MLS Property Information Network, Inc., the multiple listing service used by local real estate professionals.
Comparing the first three quarters of 2007 to 2008, single-family home sales in Andover, MA declined about 26 percent in 2008. Condominium sales declined about 30 percent during the same period.
For more details on the Andover, MA real estate market visit MassHomeBuyerGuide.com.
The Massachusetts Turnpike Authority (otherwise know as maybe the most bloated and ineffective part of Massachusetts Government) Board last week gave initial approval to drastically raise tolls, effectively doubling the charge for cars at the Sumner and Ted Williams tunnels from $3.50 to $7. The cost of driving through the Allston-Brighton and Weston tollbooths would jump from $1.25 to $2 under the plan.
The plan is still subject to public hearings and a final vote by the authority board. Good luck trying to find out when those public hearings will be held. The vote was on a Friday afternoon. They'll probably hold the hearings on the Vineyard.
I heard recently on a radio talk show that a driver from Metro West could end up paying as much as $2,000 annually for the privilege of sitting in traffic on the way to work in Boston.
That got me thinking. Many home buyers who already work in Massachusetts, and will not benefit from the fact that New Hampshire does not have an income tax, decide against moving to NH because a community's property taxes may be $1,500 to $2,000 more for the same priced home in Massachusetts. Why wouldn't home buyers that work in Boston decide against moving to Natick, Westborough or other Metro West communities?
Would the cost of commuting from Metro West factor into your decision on where to buy?
Massachusetts House Speaker Sal DiMasi has thrown his support behind a proposal to raise the gas tax, instead of the tolls. A legislator representing Natick plans to file a bill to raise the gas tax 6 cents and eliminate all tolls.
"Governor Deval Patrick has said that the turnpike's financial struggles have made a toll hike unavoidable. While he has not ruled out a gas tax increase, Patrick has said that now may not be the time because of the faltering economy."
Sounds like Governor Patrick may be hoping for the toll increase now and the gas tax increase later.
Let's face it. We all now the real reason behind the hesitation to increase the gas tax. The increased gas tax now could result in the removal of tolls, thus the removal of patronage jobs at the Massachusetts Turnpike Authority.
Stay tuned.
National Public Radio (NPR) reported October 14, 2008 that several states are seeing an increase in homelessness due to the foreclosure crisis.
Apparently, Massachusetts has a law that requires sheltering every homeless person, but officials are struggling to meet demand due to the rising number of homeless families.
I am an exclusive buyer agent, 100% loyal to home buyers in Massachusetts. I help consumers buy homes in Essex, Suffolk and Middlesex counties. For more information: http://www.buyersbrokersonly.com
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2009 ActiveRain Corp. All Rights Reserved
