Foreclosures Drop 54% In Massachusetts In August

In August, lenders completed 261 foreclosures in Massachusetts – a 54 percent drop from the same month last year, according to The Warren Group. That is a significant drop. August marks the 15th consecutive month of year-over-year foreclosure deed decreases. READ MORE >>>

The economy is getting better. We will start a new year in 2014 … just 3 months away. I expect that 2014 will be a better year than 2013. Easy money will continue into 2014. I also expect the mortgage segment to continue to dry up. Layoffs are tragic … but they will continue in 2014. The end of 2013 will see large layoffs of staff at the large national mortgage field service firms. Staff levels cannot stay at the same levels as mortgage delinquencies and mortgage foreclosures rapidly decrease. More mortgage staff layoffs are coming … be ready … start looking for a new job now before you find a pink slip on your desktop.

Mortgage field service inspectors and property preservation mechanics will see their task volumes decrease significantly as time moves on.

The insurance and commercial segments of the industry should remain stable. There has been no slowdown in these segments. Inspections here will increase as the economy continues to improve.

Layoffs are tragic … very upsetting. Know that the mortgage segment is drying up fast. It’s happening … news articles are posted every day on the Internet saying that there has been a tremendous decline in mortgage delinquencies and mortgage foreclosures.

You know it is happening and you need to plan on it. It will happen.