Gotcha Capitalism

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Mass Foreclosures

If you haven't been paying attention to the news as of late, then you been missing out on the latest housing numbers regarding the number of foreclosures in the Commonwealth.

The numbers were recently reported by the Warren Group, a publisher of real estate data and news. In Massachusetts in 2007, the number of homes foreclosed upon was 7,563 which is three times higher than reported in 2006 and nine times higher than reported in 2005.

Many realtors and others are predicting that 2008 will be even worse, due to the number of foreclosed homes that mortgage companies are sitting on and will sell at heavily discounted prices later on this year.

What does this mean for you, someone looking to purchase a home?

The answer is rather simple, if you wait until May or June of this year, you'll be able to purchase a foreclosed property at a significantly reduced price. The caveat will be whether you have good credit, equating to a FICO score of 680 or better, to qualify for traditional financing and the ability to put at least 3-percent or more down as a down payment.

For the person that owns a home and has an adjustable rate mortgage (ARM) it's better for you to contact the bank and inquire about refinancing to a 30-year fixed rate mortgage. Don't procrastinate and put off calling the bank if you've missed a few payments or have been late in making a payment. The key to know with banks is they want to work with you, the homeowner, and would rather hear from you regarding what has changed in with your finances versus you avoiding their calls and letters.

For information regarding avoiding foreclosure, contact the regional Office of Housing and Urban Development at 617-994-8200 or visit their office located at:

Boston Regional Office
Thomas P. O'Neill, Jr. Federal Building
10 Causeway Street, 3rd Floor
Boston, MA 02222-1092

Home ownership is very important and I believe that no person should allow their ego to get in the way of doing the right thing and contacting their bank.



Related article:
Boston Globe

After the Storm

It happens without fail....after a winter storm, the most beautiful sunsets takes place.

Enjoy these pictures of Front Street by City Hall.

Snow & Whiners: An odd combination

If you live in Worcester or New England for that matter, you know that there are winters where we get alot of snow, and when I say alot of snow--I mean a foot or more in a 24-hour time span. Well, early Monday morning Worcester got hit with the first Nor'easter for 2008 and got blessed with 10 inches of snow.

The previous day, Sunday, all people were talking about was the snow and, more importantly, the lack of specifics from the various meteorologist on the amount of snow Worcester and Worcester County would receive.

This has become acceptable as its often that the Weather Channel or others get it wrong, but with this storm making its way through Green Bay, WI, as seen during the Packers vs. Seahawks's game on Saturday, I knew we were in for a "good one".

In reading the Telegram and Gazette's website today, I read the story written by Shaun Sutner, Worcester’s late call angers school parents, and was amazed by the frustration that parents had with Superintendent James A. Caradonio’s decision to cancel school at 4:15 AM, Monday morning.

What do you think about the Superintendent making the call at 4:15 AM to cancel school? Post a comment here or feel free to email us at WorcesterIsMajor@gmail.com.