Recent foreclosures and resales

We make an ongoing effort to track foreclosure activity in our district since it has such a significant impact on housing prices and the health of the local real estate industry. This morning I was looking at foreclosure deeds for Lowell recorded since June 30, 2010 (of which there were 39). Three of those have already resold to third parties which gives us a glimpse of the effect of a foreclosure on home prices. These aren't representative, they're just the one's that are currently available:

10 Westview Road was purchased on October 3, 2006 for $410,000. At a foreclosure auction held on February 4, 2010, the lender purchased the property back for $408,699. The foreclosure deed wasn't recorded until June 8 and the property sold to a third party on July 8 for $284,000.

17 Caddell Ave was purchased on September 23, 2005 for $223,500. At a foreclosure auction held on April 28, 2010 the lender purchased the property back for $184,351. The foreclosure deed was recorded on June 21 and the property was sold to a third party on July 9 for $85,000.

22 Ennell Street was transferred between related parties on April 25, 2006. They immediately obtained a mortgage of $176,000. At a foreclosure auction conducted on April 28, 2010, the lender purchased the property back for $85,500. The foreclosure deed was recorded on July 7 and two days later the property was sold to a third party of $37,000.

While these three cases are insufficient to draw any broad conclusions, they do provide some insight into what is happening with real estate. We'll continue to provide data like this in the coming days and weeks.