The Foreclosure Report

Debt, Flat Incomes Cited In Massachusetts

The Salem News has an update on foreclosures in Massachusetts. "Of all Massachusetts counties, Essex County had the largest increase in foreclosures, up 46 percent, between the second quarter of 2003 and 2005, which ended in June. Suffolk County came in second with a 45.13 percent increase and Norfolk County is third with a 39.73 percent increase."

"As of yesterday, 230 foreclosures were posted..for Essex County with the highest amount, 35, listed in Lynn."

"Lawmakers like state Rep. Ted Speliotis blame the spike in foreclosures in part on debt. 'The number of foreclosures has increased this year because a lot more people are charging more and taking on more debt,' he said. 'We're also seeing revenue increasing across businesses, people are spending money, but you are not seeing any corresponding rise in salaries.'"

posted by Ben Jones @ 9:29 AM