bostonbubble.com

[Devlin]

I noticed that 24 of the 47 multi family foreclosures on ZipRealty in greater Boston have come on MLS in the past 30 days. 13 have come on MLS in the last week. This is a significant bounce in listings from what I was seeing earlier this summer.

Bank owned multis
1 Week - 13 28%
1 Month - 24 51%
Total on MLS - 47

Non bank owned multis
1 Week - 85 8%
1 Month - 285 25%
Total on MLS - 1,125


Very similar numbers for single family/condos

Bank owned single/condo

1 Week - 39 20%
1 Month - 109 54%
Total on MLS - 201

Non bank owned single/condo

1 Week - 674 6%
1 Month - 2,503 22.5%
Total on MLS - 11,129


Is this solely due to the fact that the bank properties sell faster or are more foreclosures coming online?

I am leaning towards more of them hitting the market.

[Rental Lease]

More foreclosures are hitting the market.
As for why that is, I suspect the story is slightly more complex than simply "more people are defaulting" (although I'm sure that is also the case).
Factors such as banks trying to unload inventory before the weather (and market) freezes over, banks growing more aggressive in their minimum bids at foreclosure auctions due to the more reasonable real estate market, and even factors such as bank REO departments growing more efficient and effective with the high volume they're experiencing are all possible explanations.
And, of course, people are defaulting.

Slainte,