As the nation grapples with a foreclosure crisis, Island bank and real estate professionals agree the wave of foreclosures is less severe on Martha’s Vineyard than other places in Massachusetts, and other places across the nation. But the Island is not immune.
The number of foreclosures in Dukes County spiked in 2009 and 2010, with the vast majority of distressed loans held by off-Island banks. But the ripple effect of a struggling economy has reached local banks and the real estate market directly.
According to Massachusetts land records, there were 29 foreclosure deeds filed in Dukes County in 2009, and 32 in 2010. A foreclosure deed is the final step in a long trail of foreclosure filings and notices, usually recorded after a bank takes possession of a property. By contrast, in 2006, three foreclosure deeds were filed on the Island.
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