Foreclosure Filings Hit New High in MA

ForeclosuresMass.com released its February Massachusetts Market Analysis Report with data revealing that foreclosure filings in Massachusetts continue to escalate at a record-setting pace and reached a new high in January.

The report shows that 2,207 foreclosures were initiated statewide during January 2007, more than double the number recorded in January 2006. Lenders initiated foreclosure proceedings against 20,618 homeowners over the past 12 months, representing a 77% increase over the same period a year earlier.

"The flood of foreclosures in Massachusetts is not only continuing, it has reached a new high. 2006 was a record-breaking year, and our latest data indicates that 2007 may be even worse," said Jeremy Shapiro, president and co-founder of ForeclosuresMass.com. "The fact that we are starting the year with the highest number of foreclosure filings we've ever recorded for a single month is more than significant, it's ominous."

ForeclosuresMass.com continues to attribute the increase to pressures put on property owners an increase in subprime and other "exotic" loans, the effect of adjustable-rate mortgages, rising home heating costs, and the slumping Massachusetts housing market.

From Feb. 1, 2006 through Jan. 31, 2007, 20,618 foreclosures were initiated. Foreclosures increased 76.98% statewide comparing 12 months to the same period a year earlier. Bristol, Barnstable and Worcester counties experienced the largest increases.

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