Nov. 11, 2010
BOSTON -- The number of foreclosures in suburbs and rural areas is now higher than that in urban communities.
A new report from the Massachusetts Housing Partnership (MHP) analyzed real estate data from the Warren Group, and found that in October 2010, urban foreclosures accounted for 49 percent of distressed housing unites in Massachusetts -- down from 59 percent in October 2008, and 54 percent in October 2009.
That's because number of distressed properties in urban and "gateway" municipalities has decreased since October 2009 -- while that number for the remainer of Massachusetts has risen.
"The gradual shift in distressed properties from urban to suburbs and rural communities is an indication of how unemployment and general economic distress has taken over from sub-prime as the key driver of distress," wrote Tim Davis in the MHP report.
Still, that's not to say trouble is over in cities: The state's most distressed zipcodes were found in Templeton, Brockton, Springfield and Wareham.