SPRINGFIELD, Mass. (WWLP) – Springfield’s foreclosure rate is currently higher than both the state’s and the national rate according to recent data taken by CoreLogic. And some argue the length of time a foreclosure takes negatively impacts the community around it.
Local realtors like Kevin Sears told 22News that the longer it takes for a foreclosed home to get a new owner, the more other homes in the neighborhood drop in value. He explained that “the National Association of Realtors did a study a few years ago that showed that your home will loose approximately seven percent of its value if there’s a foreclosed and vacant property on your street.”
While most of the city’s foreclosures are a result of missed mortgage payments and are recouped by the bank, others become the city’s responsibility. 22News found that more than 460 of the foreclosed properties in Springfield are currently in the hands of the city because the owner didn’t pay their taxes.
David Cotter, Springfield’s Deputy Director of Housing Code Enforcement told 22News that the more foreclosed properties in their hands the more resources they have to put towards their upkeep. He explained that “We have to make sure that they are boarded and secured, and we have to make sure that they are safe all the way from the ground floor to the roof.”
According to CoreLogic the jump in Springfield’s foreclosure rate showed up this past January. This new information is compared to data taken at the same time one year earlier.