Jessica, Home Buyer in Worcester, MA

where can I find a list of cities/counties that are considered declining markets? Is this a nationawide?

Asked by Jessica, Worcester, MA Wed Apr 2, 2008

approaved list, or is it a decision lenders make on their own? I NEED to move to an area that is considered a declining market by my lender. Is that going to be the case with all lenders?

Help the community by answering this question:


Hi Jessica,
While I am not in your area, I can tell you that lenders (and their requirements) are a little crazy lately. I would honestly suggest checking with another lender. Keep in mind that when you shop for a mortgage, credit bureaus consider different lenders credit checks as only ONE pull. It is wise to get a second opinion!
All the best!
Web Reference:
1 vote Thank Flag Link Wed Apr 2, 2008
There are a lot of towns within easy commute distance of Worcester which are NOT declining markets. Shrewsbury, Westborough, Northborough, for example. I work in Worcester and live in Westborough.
0 votes Thank Flag Link Wed Feb 23, 2011
This could be different for differet lenders. There is one source available (given below) to get some general idea.
Look at the following blog
This refers to a webtool available at a lender (GMAC) web site.
I tried a lot zip codes in Metrowest and I always got a declining market grade (C) for ALL zipcodes where as many CA, FL zipcodes returned D. Only Seattle, WA returns Low Risk (A/B) grade.

Again this may not be the one used by your lender.
0 votes Thank Flag Link Mon Apr 7, 2008
Jessica, Lenders are becoming much more cautious in who they lend money to and one of the criteria has to do with the number of Foreclosures in certain areas. I was told yesterday by a Lender that they are categorizing by County, the higher the Foreclosure rate the more stringent the criteria.

There has been a lot of development in Worcester over the past 7-10 years. With the market slow down there are more Foreclosures. Check with your lender. I work with a guy in Westborough who may be able to give you some good information on what is happening in the Worcester area. Jay Cox, 617-596-1980.

Good Luck, Ed

0 votes Thank Flag Link Wed Apr 2, 2008
save your money
house prices declining
as your lenders have indicated


good luck
0 votes Thank Flag Link Wed Apr 2, 2008
Hi Jessica:

I came across this two weeks ago and tried to get a copy from my preferred lender. He indicated that he had to submit a request to underwriting to find if it was a declining market.

This will mean additional down payment or in the case of a refinancing more scrutiny.

it is national and I would imagine there are very few areas not considered in a declining market.



Rob Goodwin, Broker/Owner, CRS,GRI,SRES
Goodwin Realty Group
855 Washington Street
Easton, MA 02375
Direct: 508-326-3062
Fax 508-238-5964

Maximizing Your Opportunity in the Marketplace
0 votes Thank Flag Link Wed Apr 2, 2008
I probably miss-explained. I mean, I have to move to this particular area, but my lender considers it a declining market. So, basicly I have no choice. Thanks!
0 votes Thank Flag Link Wed Apr 2, 2008
If the requirement is comming from your lender, and they're going to be the final judge of that anyway, I would ask your lender what areas they consider to be a declining market.

That being said, this one's new to me, why on earth would a lender REQUIRE that the loan they're about to invest in be in a declining market?
0 votes Thank Flag Link Wed Apr 2, 2008
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