Monday, July 2, 2007

A ‘Perfect Storm’ in Massachusetts

Foreclosure Filings Hit Record High in Massachusetts for Eighth Consecutive Month

From ForeclosuresMass.com: “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 2007 posted high foreclosure numbers indicating that some homeowners continue to struggle making their mortgage payments.”

‘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 Jeremy Shapiro, president and co-founder of ForeclosuresMass.com. ‘The fact that the housing market has remained relatively flat means its still difficult for homeowners to refinance or sell their property contributing to the high number of foreclosures.’

ForeclosuresMass.com attributed the increase to a ‘perfect storm’ of factors. The pressures put on property owners include rising interest rates over the past few years, an increase in sub-prime and other exotic loans, the affect of adjustable rate mortgages, rising home heating costs, substantially increased gasoline prices, and the slumping Massachusetts housing market, which leaves homeowners trapped in houses they cannot afford. read more >>


Founded in 2003, ForeclosuresMass.com is the industry leader in providing online Massachusetts foreclosure data to investors, consumer homebuyers, bankruptcy and real estate counsel, mortgage originators, real estate agents and lenders.


Be sure to check out BostonBubble.com for up-to-date news on the housing meltdown in Massachusetts .

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2 comments:

Anonymous said...

Cape foreclosures hit 10-year high

http://www.capecodonline.com/apps/pbcs.dll/article?AID=/20070703/BIZ/707030304

Trent said...

I work for Current Foreclosures, a foreclosures site, and we have been noticing a huge increase in the number of foreclosures across the nation including in Mass. I believe it is mainly because of subprime lending, ARM loans, the depreciation of the housing market, and the lack of buyers on the market. I do no think that the market will recover this year, especially with ARM interest rates set to rise next year for many homeowners.