From Banker & Tradesman
It’s a question a lot of folks have been asking ever since President Obama unveiled details of his mortgage rescue plan 12 days ago: How many Bay State residents will be eligible for help?
Part of Obama’s plan aims to help owners refinance if their first mortgages fall between 80 to 105 percent of the value of their home. The first loans must be owned or securitized by Fannie Mae and Freddie Mac.
The Warren Group has begun to analyze its data to determine how many people in Massachusetts would qualify for refinancing help. In this week’s Banker & Tradesman, Ian Murphy uses Warren Group data in a story about underwater mortgages. He reports that 18 percent of all mortgages in Massachusetts are underwater – meaning that the homeowner owes more on the home than it’s currently worth. (By the way, that’s for single-family homes and condos only. The percentage would likely creep up if two- and three-family properties were thrown into the mix.)
What’s left out of the story is another interesting tidbit: about 14 percent of all single-family home and condo properties in the state — or more than 228,000 households — fall in that 80 to 105 percent loan-to-value group that the president’s plan is targeting.
And 11 percent of the state’s single-family home and condo owners – or 183,902 – actually have mortgages that are higher than 105 percent of the value of their homes.
Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs
In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.
For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.
Charles River Park
Surrounding Communities of Boston
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.
Ford Realty Inc
137 Charles Street
Boston, Ma 02114