Local real estate market getting stronger, but foreclosures are up

Foreclosures rose 48%, but register of deeds says figure is deceptively high

(AP Photo/John Bazemore)

SPRINGFIELD, Mass. (WWLP) – The Hampden County real estate market is booming. More homes were sold in Hampden County in the past year than in 2015. And because housing stock is so scarce, house prices soared.

Register of Deeds Donald Ashe revealed during his end of the year analysis that more than $1.6 billion dollars changed hands for the purchase of homes and commercial properties in 2016.

But foreclosure rates are also high. Ashe explained why this might be the case. “They changed the legislation this year and it takes longer to have a foreclosure on something,” he said. “So that would mean the pipeline would back up a little bit. I think that’s what the problem is.”

The average price of a Springfield home is now $154,000 with corresponding increases in the higher priced suburban towns.