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Report: 44% of foreclosed homes in Boston bought by investors

Here’s an interesting report from the Federal Reserve Bank of Boston:

Foreclosure investors have been active in Suffolk County, which includes Boston, Chelsea, Revere, and Winthrop. This report focuses on 4,702 single-family, two-family, three-family, and condo properties that were sold out of foreclosure between 2007 and 2012. [2] Of these, 3,832 (81%) were purchased out of REO (i.e. lenders), while the remaining 870 were purchased directly by third-party buyers at foreclosure auction, and thus never became REO.

Though foreclosure filings have dropped substantially in recent months, it’s probably good news to know that investors have been buying a huge chunk of them. They’re not going to let them sit vacant a long time and, arguably, they’re more likely to maintain them in order to sell them or rent them out, while banks tend to let foreclosed homes sit too long untended.

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