Monday, June 26, 2006

A 'Serious Shakeout' In Massachusetts

Some foreclosure news on Massachusetts. "A publisher of foreclosure property information reported today that foreclosure activity in Massachusetts was reaching an epidemic level and clogging the court system. 'Our Massachusetts research team spent four hours on June 8 with clerks and judges in the District, Superior, and Land Courts and learned that the courts have a 30-45 delay in even issuing docket numbers for foreclosures across the state,' said president Alexis McGee."

"She went on to say that her information indicated that foreclosure filings for Massachusetts in the month of May were at the highest level for a single month since a similar financial crisis in the mid 1980's."

"'It's clear that Massachusetts housing markets are going through a serious shakeout,' said Ms. McGee. 'Unlike the northern New England states of Vermont, New Hampshire and Maine, Massachusetts, and in particular, the Boston metro area, experienced a tremendous run-up in prices over the last few years. Now the Boston housing market has gone completely flat, and interest rates are rising. Homeowners are being put in a squeeze and will have greater difficulty selling their way out of trouble through conventional channels.'"


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