Massachusetts Foreclosure Increase

Posted in Foreclosure, August 31st, 2006 |

ForeclosuresMass, the leading provider of Massachusetts foreclosure data for investors, real estate professionals and mortgage brokers, released a report today showing that Massachusetts foreclosures are surging to new levels.

February of 2006 produced more foreclosures than any other month in the past three years. Jeremy Shapiro, president and co-founder of ForeclosuresMass, attributes this to several factors. “There is no question that higher interest rates, spiraling property values, a flat economy and a myriad of other factors are combining to make 2006 another difficult year for homeowners.”

Foreclosures were filed on 1,200 Massachusetts properties in February 2006, 63.3 percent more than February 2004, and 25.4 percent more than February 2005.

Foreclosures also increased statewide by 31.35% (to 11,892 from 9,054 foreclosed homes available).
-John Grady