1Q Foreclosures Set Record in MA

Foreclosures are continuing to "escalate at a record-setting pace" in Massachusetts, according to ForeclosuresMass, a provider of foreclosure data based in Framingham, Mass.The company said 6,624 foreclosures were recorded in the first quarter, up 76% from the level of a year earlier. "It is clear that tens of thousands of Massachusetts residents are trapped in properties they can no longer afford," said Jeremy Shapiro, president and co-founder of ForeclosuresMass. "They can't keep up with mortgage payments that are too high, and the downward pressure on statewide housing prices means that they can't sell the home to pay off their debts. With no substantial market turnaround in sight, we expect Massachusetts foreclosure rates to continue at record or near-record levels for months to come." The company can be found online at http://www.foreclosuresmass.com.