The Foreclosure Report

Defaults "Skyrocket" In NY, MA

The Boston Globe. "Petitions to foreclose on Massachusetts homeowners rose nearly 70 percent in 2006, and the number of distressed properties that went to auction increased 46 percent, a report said today."

"In Suffolk County, which includes Boston, petitions to foreclose jumped 79 percent in 2006, the report said. In 2006, mortgage lenders filed 18,926 petitions to foreclose, compared with 11,155 in 2005, the Warren Group said; lenders announced 6,729 foreclosure auctions in 2006, versus 4,620 in 2005."

"'As housing prices decline, people who had borrowed 90, 95, or even 100 percent of the value of their home now find themselves owing more than their homes are worth,' the Warren Group's chief executive, Timothy Warren Jr., said."

The New York Post. "The number of New Yorkers forced into foreclosure is skyrocketing, especially in Nassau County, where foreclosures have jumped a stunning 82 percent in the past year. According to RealtyTrac, the number of city foreclosures went up 15 percent in 2006 from the year before, while Long Island jumped 55 percent. The national rate surged by 42 percent."

"'People in general are living outside of their means,' said wealth manager J.J. Burns. 'This generation wants everything now. People are not saving for the rainy day.'"

"In the city, Staten Island led the pack with a 47 percent rise in foreclosures, usually initiated by banks when homeowners can't pay their mortgages. Foreclosures in Brooklyn and The Bronx rose about 25 percent each and Manhattan saw a 4 percent increase."

"Queens was the only borough that saw a drop, with an 8 percent decrease in foreclosures. Foreclosure increases are higher in the suburbs - Westchester jumped 44 percent, Suffolk County shot up 32 percent and Nassau County rose a shocking 82 percent."

posted by Ben Jones @ 8:49 AM