The real estate market in Massachusetts is not nearly as bad as the National Media likes to report.Â In fact, Massachusetts ranks the the TOP 10 (#7) of the Best Real Estate Markets in the nation.Â The foreclosure rate in Massachusetts is not even in the top 15 of the highest in the nation.Â So, having the correct facts at hand paints a different picture of the real estate market that we are in locally.
That being said we are still havingÂ a very real problem with the short sales.Â The horrendous and painfully slow pace at which they operate is putting unnecessary downward pressure on the market and the pricing. Listening to the MortgageÂ Bankers Association Members InterviewÂ talk about a banks willingness to help almost threw me off my chair.Â The leders are in a veryÂ small and infrequentÂ way assisting home owners in getting out of their troubled mortgages.Â They make the process, whether itÂ is a loan re-structure or a short sale,Â longer and more tedious than it needs to be.
Countrywide's short sale department, in my opinion based on NUMEROUS closings, is one of the WORST , most ineffective and incompetently staffed lenders to deal with.Â When the bankers get together to "discuss" the market and solutions do they have ANY input from the consumers and Realtors who are dealing with this each and every day?Â I would highly doubt it.Â If they did I am sure the process would get streamlined to be more effective and cost efficient.Â Their exhorbitant delays COST them huge amounts of money, and than to find loss mitigators that are less than educated or competent making poor financial decisions costing them even larger amounts of money.Â I thought their titles were "Loss Mitigators" not "Loss Creators"
Listen to the short interview by clicking here
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