You don’t want to miss the “Homeowner Foreclosure Prevention Workshop” this coming Saturday in Revere MA.  The Patrick Administration, Metropolitan Mayors Coalition and Revere’s Mayor Ambrosino invite both mortgage lenders and homeowners in Revere and surrounding cities and towns (e.g. Malden and Everett) to join in this unique opportunity.  

At the workshop, homeowners will meet with mortgage lenders to discuss loan modifications and alternatives regarding ways of preventing foreclosures; you, as a resident homeowner, will also be able to meet with local housing and credit counselors and be involved in informational seminars on how to keep your home.  Among the participating lenders are American Home, Mortgage Servicing, Bank of America, Countrywide Financial, GMAC Mortgage, Washington Mutual, and Wells Fargo.  

The session will be from 10:00am to 4:00pm on October 18th 2008, so mark your calendars.  For any questions about the workshop visit their website at www.mass.gov/foreclosure.

If you have any specific real estate questions regarding the Metro Boston area, including Medford, Malden, and Everett homes, condos or foreclosures, contact your neighborhood realtor, John McCann.

image credit: sxc.hu

Medford, Massachusetts is located in Middlesex County and is part of the Boston Metro Area.  As of June 15 2008, the Market Action Index was at 15.33, rating MEDFORD real estate as a buyer’s market. 

Since Medford, or "Meffa" as the locals like to call it, is in such close procimity to the Boston Metro Area, most of the housing slump that has hit southeastern and central Massachusetts has been somewhat avoided in Medford. 

Currently Medford foreclosure rates are below the national averages with the Boston Metro Area registering "foreclosure rates among the nation’s 10 lowest", with Medford’s foreclosure rate at 0.19%.

However there is good news on the horizon for the rest of the Massachusetts housing market.  A new law has prompted foreclosure rates in Massachusetts to fall to 392 in May. 

This is a welcome relief for homeowners since this rate is nearly 89% lower than the same month a year ago. The new state law extends the cooling off period from 30 days to 90 days before court proceedings can begin on homeowners that have gone into default. 

This law continues to help Massachusetts homeowners during the current economic slump, especially in the Boston Metro Area.

For further information on buying real estate in the Medford area, please contact John McCann at RE/MAX Results.