The Foreclosure Report

Bay State Defaults Up 56%

The Boston Herald reports from Massachusetts. "New figures show the number of Bay State homeowners falling into foreclosure has shot up 56 percent, and more than doubled in parts of Eastern Massachusetts. ForeclosuresMass.com plans to report today that banks initiated foreclosure proceedings against 1,348 Massachusetts homes last month vs. just 866 in July 2005."

"Things are even worse in much of Greater Boston. Filings rose 102.4 percent in Plymouth County, 72 percent in Bristol County, 65.2 percent in Worcester County and 63.1 percent in Suffolk County."

"ForeclosuresMass.com President Jeremy Shapiro attributed the increases to a combination of 'soaring energy costs..our slumping housing market and tightening economy, with no end in sight.'"

"He particularly noted that Massachusetts home sales have cooled at a time when mortgage rates have risen. That means homeowners in jams, say, someone whose adjustable-rate mortgage’s interest rate has shot up, are often unable to either refinance or sell.

posted by Ben Jones @ 2:09 PM