“We’re over the hill now,” she said.
And it was never as severe here in the Northeast as it was in other sections of the country.
On the other hand, she said, states like Florida are recovering at a faster rate.
There are still foreclosures in Peabody, and despite the willingness of the banks to protect their investments, some structures fall through the cracks.
“Between the time someone decides, ‘I’m not in a position to keep up my property,’ and the time they go to loan mitigation or foreclosure, it can be a year or two,” Horowitz said.
Thus, the properties can deteriorate rapidly, sometimes with people in them and sometimes after the occupants have walked away.
Peabody’s code enforcement division located the 12 houses now on city radar.