Thursday, October 06, 2005

Massachusetts Defaults Are Snowballing

If you are looking for a foreclosure in Massachusetts, you have more to choose from. "ForeclosuresMass released its September 2005 ForeclosuresMass Market Analysis Report today, with data that shows Massachusetts foreclosure filings to be 32% percent above 2004 levels. Increases are evident in every county except Dukes."

"'We have seen a remarkable spike in the past few months,' said Jeremy Shapiro. 'Looking forward, it will be interesting to see how unprecedented increases in the cost of home heating fuel and gas, coupled with other pressures on mortgagees will impact foreclosures in the months to come.'"

"Highlights of the report include: Actual statewide increases for January through August are 32.78% above 2004 levels. Greatest changes from year-to-date 2004 and year-to-date 2005 were in Essex County (+46%) and Suffolk County (+ 45.13%).Compared to August 2004, August 2005 had a much higher volume of foreclosures, with increases as high as 275% in Franklin (4 to 15), 212.5% in Berkshire (8 to 25), 107.69% in Essex (65 to 135) and 95.08% in Suffolk 61 to 119)."

The report can be found here in PDF, dated October 6, 2005.


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