The Foreclosure Report

Defaults Hit First Time Homeowners In Mass.

The Boston Herald has this report on Massachusetts. "Foreclosure filings in Massachusetts last year were up 34 percent through November, compared to the prior year, data show, and the net effect of the spike is that many first-time homeowners are hearing the words 'gimme your shelter.'"

"The number of foreclosure filings through November was nearly 10,500. Essex County had a 49 percent increase over the same period in 2004, while Suffolk, Plymouth, Bristol and Barnstable counties all had increases of more than 42 percent."

"In the last six months, the site states, Boston had 483 foreclosures. One reason is that home prices in Massachusetts have appreciated 67 percent in the past five years, according to the OFHEO. October’s median selling price for a single-family home in the state was $349,000, up from about $210,000 in 2000."

"Communities with the greatest foreclosure spikes include Reading, at 250 percent; Burlington, at 200 percent; Seekonk, at 163 percent, and Newburyport at 163 percent. Of towns with at least 50 foreclosures in 2004, the top hikes were in Lawrence, with 113 percent, and Lynn, with 70 percent."

posted by Ben Jones @ 1:55 PM