Massachusetts Foreclosure Rate Continues to Rise

Posted in General, November 14th, 2006 |

The Massachusetts foreclosure situation seems to be growing more dire, as new studies show that foreclosures in the state are up 66% from the level they wer at this time last year. With 13,000 foreclosures already processed this year, the state is drawing close to its record of 17,000 during 1991.

With more adjustable rate mortgages scheduled to go past their intital fixed rate year to a period of fluctuation, it seems the market for foreclosures will only grow. With many homeowners seeing the signs around them, many may be wary of an impending foreclosure. This could also mean it’s an excellent time to look into pre-foreclosure opportunities, since homeowners will be looking to avoid becoming another statistical victim of foreclosure.

[via Boston Business Journal]