Tuesday, April 04, 2006

Massachusetts Defaults High In February

Some numbers on Massachusetts foreclosures. "The number of foreclosures in Massachusetts hit a three-year high in February. Foreclosures were filed on 1,200 properties, 25 percent higher than the year before and 63 percent higher than February 2004. Compared to January of this year, foreclosures increased nearly 12 percent, with Middlesex County posting a 29 percent increase."

"'February 2006, the shortest month of the year, produced more foreclosure filings than any other month in the past three years,' said Jeremy Shapiro. 'There is no question that higher interest rates, spiraling property values, a flat economy and a myriad of other factors are combining to make 2006 another difficult year for homeowners."

"A 12-month trend comparison of March 1, 2005 to February 28, 2006 and March 1, 2004 to February 28, 2005 reveals: Foreclosures increased statewide 31.35% (11,892 v. 9,054). Three counties experienced at least 50% increases, including Barnstable (51.00% increase, 527 v. 349), Essex (50.99% increase, 1,448 v. 959) and Nantucket (50% increase, 18 v. 12)."

"In towns/cities with 10-49 foreclosures, the biggest increases were in Avon (267%, 11 v. 3), Harwich (250%, 35 v. 10), Rockport (217%, 19 v. 6), Hampden (200%, 21 v. 7), and Manchester (200%, 12 v. 4). In towns/cities with 50 or more foreclosures, the biggest increases were in Lawrence (116%, 210 v. 97), Marshfield (110%, 61 v. 29), Sandwich (89%, 53 v. 28), Wareham (81%, 98 v. 54) and Fall River (78%, 158 v. 89)."

"Comparing February 2006 to January 2006: Foreclosures increased 11.63% statewide in one month with 1,200 filed in February compared to 1,075 filed in January. Plymouth County saw a one-month leap of 34% (34.23%, 149 v. 111). Middlesex County foreclosures also climbed by nearly 30% in one month (29.27%, 212 v. 164)."


At 9:30 PM, Blogger dimitris said...

It's nice you have a foreclosure site that is very up to date. I've been following the foreclosures on MA for some time now and just recently have the numbers been piling up. For example, visiting country wide foreclosures for the last year or so for MA yielded only about 2-5 foreclosures for availability. Their list is now around 30-35. Nothing like the early 90's but it sure does look like it has potential to get there.

I think we need to get a better perspective at the impact that foreclosures will have on the housing bubble because I think this is one area that can play a big role in price reductions over the next year.


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