BOSTON (CBS) – New statistics show that statewide foreclosure activity in April jumped 47%, to some 1,750, for the highest level seen since the fall of 2010.
Cory Hopkins at the Warren Group says the backlog of foreclosure activity needs to work itself through the system in order to return to a healthier market. He says last year represented an artificial low, that a number of factors at the beginning of last year kept the numbers down.
WBZ NewsRadio 1030’s Anthony Silva reports
Hopkins says lenders are starting to find a better balance between foreclosures that have to happen, versus not doing so many at once that they’re overwhelming the market. He expects elevated foreclosure activity relative to last year for the next few months.
But Hopkins sees a silver lining. He says as more of these properties come on the market in good locations with a good real estate agent to help price them, there will be a lot of interest in them. Hopkins says that interest will likely spill over to other properties.