Bay State foreclosure rates fell in Boston in March.
Thomas Grillo
Real Estate Editor- Boston Business Journal
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Foreclosure rates in Boston decreased for the month of March over the same period last year as the region’s housing market continues to improve, according to newly released data from CoreLogic.
The data reveals that the rate of Greater Boston foreclosures among outstanding mortgage loans was 1.21 percent in March, a decrease of 0.67 percentage points compared to March of 2013 when the rate was 1.88 percent. Foreclosure activity in the Boston area was lower than the national foreclosure rate, which was 1.86 percent in March.
Also in Boston, the mortgage delinquency rate decreased. CoreLogic data for March 2014 found that 4.34 percent of mortgage loans were 90 days or more delinquent compared to 5.30 percent for the same period last year, representing a decrease of 0.96 percentage points.
While Bay State home sales fell in March, marking the fourth decrease in five months, according to The Warren Group, real estate experts say the low inventory of single-family homes is the major reason why sales are falling. But as sales dipped, prices continued to rise. The median price for single-family homes sold in March rose to $315,000, up from $290,000 a year earlier, an 8.6 percent. It’s the 18th consecutive month that monthly home prices have increased year-over-year.
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