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Mixed foreclosure outlook

Short term looks tough, but future looks brighter

Updated: Tuesday, 31 Aug 2010, 5:50 PM EDT
Published : Tuesday, 31 Aug 2010, 5:45 PM EDT

WESTFIELD, Mass.(WWLP) - New foreclosure statistics paint a mixed picture of the states economic recovery.

A report issued by the Warren group showed an 80 percent increase in foreclosures from the same month a year ago.

Hampden County Register of Deeds, Donald Ashe, said Hampden is seeing similar numbers.

Foreclosures between July and August are up 57 percent compared to the same time last year.

Real Estate Broker Kathleen Witalisz says unemployment is to blame.

"The job security is not as plentiful as it used to be," said Witalisz. "That is a big impact on peoples ability to afford a home and hold onto their home."

The report showed that pre-foreclosure paperwork was down by more than 20 percent.

Witalisz says thats good news, because it suggests fewer people will losing their houses in the coming months.

"Many are offering different types of opportunities to modify or change their loans," said Witalisz. "So there's been more opportunities for people to get healthier."

But the report also revealed that many who are able to pay they're mortgage can't get out of the house they're in.

Despite having a finished basement, hard wood floors, and a big living room, Jennifer Jordan of Westfield has been struggling to sell her home.

"It has been hard," said Jordan. "I mean we've had lots of people come, lots of people love it, but there's been no offers."

They've been ready to move since April.

Experts say the housing market could get a little worse, before it turns for the better in a few months.

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