Foreclosures - Summer 2008

The residential market is experiencing increasing numbers of foreclosures.  While most of the foreclosures are in the moderately priced homes, some waterfront mansions are being auctioned or foreclosed as developers and speculators who did not respect the market are now seeing their values plummet and buyers vanish.  The commercial market is not without its pain.  Expect foreclosures on some of the sites purchased for condo developments or residential developments that never happened, but there will be few foreclosures in other commercial market sectors.  The foreclosure of some of the high profile condo development sites will be a positive for the community as this is the first major step in turning the many vacant sites to a productive use.