Massachusetts could face a second wave of foreclosures as tens of thousands of distressed and bank-owned properties hit the market, slowing the state’s nascent housing recovery, officials from the Massachusetts Housing Partnership said yesterday.
Clark Ziegler, executive director of the state’s quasi-public, affordable housing agency, said there are about 64,000 distressed properties in so-called shadow inventory poised to go on the market because they have delinquent mortgages, are in foreclosure, or already are owned by a lender. …
“The reality is that there are more [foreclosed properties] to come, and it will stretch out how long it takes the recovery to play out,’’ Ziegler said. “It is a cautionary tale.’’
It’s a confusing tale too.
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