Here’s an interesting piece from Banker & Tradesman, headlined Boston’s hardest hit neighborhoods finally hitting bottom:
… Sure, condo prices and sales finally slowed in downtown Boston, but Dorchester, Roxbury, East Boston, Mattapan and Hyde Park saw thousands of homeowners fall behind on their mortgages over the past few years, many losing it all.
But here’s one key sign: The number of foreclosed homes sitting empty and inviting trouble in these neighborhoods has fallen dramatically, reports Evelyn Friedman, head of the Department of Neighborhood Development.
After rising as high as 1,200 at one point, the number of foreclosure specials is now down to 778 – and dropping fast,
City Hall is moving to buy up these homes and resell them to individual home buyers, community nonprofits and contractors. City officials now have either bought or have under agreement 120 foreclosed homes, with more on the way.
The number of sales and open houses in Dorchester is on the rise after years of decline, the Dorchester Reporter notes.
I’ll take open houses over foreclosures any day.