The Foreclosure Report

Filings Continue Record Setting Pace: MA

A press release from Massachusetts. "ForeclosuresMass.com released its Massachusetts Market Analysis Report for the 1st Quarter of 2007 today, with data revealing that foreclosure filings in Massachusetts continue to escalate at a record-setting pace and reached a new high during the first three months of 2007."

"The report shows that 6,624 foreclosures were initiated statewide during the 1st quarter of 2007 (January, February and March), 76 percent more than the number recorded in the 1st quarter of 2006."

"Over the past 12 months, lenders initiated foreclosure proceedings against 22,342 homeowners, representing an 80.61 percent increase over the same period a year earlier. March 2007 was the 6th consecutive month with more than 2,000 foreclosure filings, indicating no slowdown in historic surge in foreclosures being initiated throughout the Commonwealth."

"'It is clear that tens of thousands of Massachusetts residents are trapped in properties they can no longer afford. They can’t keep up with mortgages payments that are too high, and the downward pressure on statewide housing prices means that they can’t sell the home to pay off their debts,' said Jeremy Shapiro, president of ForeclosuresMass.com. 'With no substantial market turnaround in sight, we expect Massachusetts foreclosure rates to continue at record or near-record levels for months to come.'"

"Highlights of the ForeclosuresMass.com 1st Quarter 2007 Market Analysis Report include: Foreclosures spiked by nearly 50% in March 2007 compared to March 2006. The increase statewide was 46.78% (2,190 v. 1,492). On average, there were 110 foreclosure filings every business day in March. March was the third-highest month on record, and marked the sixth consecutive month with over 2,000 foreclosure filings."

"6,624 foreclosures were initiated statewide in Q1 2007 (January 1, 2007 through March 31, 2007). Foreclosures jumped 76% higher than Q1 2006 (3,769). Q1 2007 had the highest number of quarterly foreclosure filings on record. This is the 2nd consecutive quarter with over 6,000 foreclosure filings."

"22,342 foreclosures were initiated in the past 12 months (April 1, 2006 through March 31, 2007): Foreclosures increased 80.61% statewide when comparing the past 12 months to the same period a year earlier (22,342 v. 12,370)."

"Barnstable, Worcester and Suffolk Counties experienced the largest increases. Barnstable County experienced a 93% increase (1,084 v. 562), Worcester County had an 87% increase (3,461 v. 1,850) and Suffolk County jumped by 87% (2,434 v. 1,302)."

"In communities with 50 or more foreclosure filings over the past 12 months, the biggest increases were in the town of Dartmouth (241% increase, 92 v. 27), the town of Somerset (194% increase, 53 v. 18), the city of Everett (186% increase, 166 v. 58), the town of Bourne (158% increase, 103 v. 40) and the city of Chelsea (151%, 113 v. 45)."

"In communities with 10 to 49 foreclosure filings over the past 12 months, the largest increases were in Adams (467% increase, 34 v. 6), Huntington (433%, 16 v. 3), Boxford (300% increase, 20 v. 5), Westborough (289% increase, 35 v. 9), and Hardwick (267% increase, 11 v. 3)."

posted by Ben Jones @ 10:51 AM