The Foreclosure Report

Massachusetts Foreclosures Up 74%

A press release from Massachusetts. "ForeclosuresMass.com released its June 2007 Massachusetts Market Analysis Report today, with data revealing that foreclosure filings continued in record numbers with May being the eighth consecutive month posting over 2,000 foreclosures. The report shows that 2,136 foreclosures were initiated statewide during the month of May 2007, 32.34% higher than the number recorded in May 2006."

"Over the past 12 months, lenders initiated foreclosure proceedings against 23,638 homeowners, representing a 74.14% increase over the same period a year earlier. 'May continues to be a record month for foreclosures affecting Massachusetts homeowners and the trends suggest that we may continue experiencing these historical numbers throughout 2007,' said company president Jeremy Shapiro. 'The fact that the housing market has remained relatively flat means it’s still difficult for homeowners to refinance or sell their property contributing to the high number of foreclosures.'"

"Highlights of the ForeclosuresMass.com June 2007 Market Analysis Report include:
2,136 foreclosures were initiated in Massachusetts in May 2007: Foreclosures increased statewide by 32.34% in May 2007 compared to May 2006 (2,136 vs. 1,614). On average, there were 107 foreclosure filings every business day in May. The jump in foreclosures from April to May was the biggest month-to-month increase this year."

"23,638 new foreclosures were initiated in the past 12 months (June 1, 2006 through May 31, 2007): Foreclosures increased statewide by 74.14% over 2006 levels (13,574 v. 23,638. Filings during Q1 of 2007 were 73% above Q1 of 2006 (2,755)."

"Other 2007 statistics of note include: Suffolk, Worcester and Barnstable experienced the largest increases. Suffolk County saw an 83% increase (1,435 vs. 2,628), Worcester County levels were 80% higher (2,028 vs. 3,646) and Barnstable County had a 79% increase (647 vs. 1,158)."

"In communities with 10 to 49 foreclosures over the past 12 months, the biggest increases were in Adams (517%, 6 v. 37), Boxborough (500%, 2 v. 12), Hardwick (467%, 3 v. 17) Sutton (210%, 10 v. 31), and Millville (200%, 6 v. 18)."

"In communities with 50 or more foreclosures over the past 12 months, the biggest increases were in East Bridgewater (233%, 15 v. 50), Everett (184%, 67 v 190), Walpole (152%, 21 v. 53), Lawrence (152%, 232 v. 585), and Clinton (146%, 24 v. 59)."

posted by Ben Jones @ 2:00 PM