Foreclosures Mount in Northeast

Foreclosure filings are mounting in the Northeast, which recorded about two-thirds as many in January as in the entire first quarter of last year, according to ForeclosureS.com, a Fair Oaks, Calif.-based investment advisory firm.The company said the region could experience a surge of more than 50% in foreclosure filings this year if the pace continues unabated. Massachusetts surpassed New York in January as the state with the most foreclosures in the region, recording 4,153 filings compared with the Empire State's 3,062. "The numbers sound bleak, but there is a light at the end of the tunnel," said Alexis McGee, president of the firm. "As I've said before, the worst is over. Markets have bottomed. We're just not through yet with the aftereffects of all the people who used creative financing to buy homes beyond their means." The company can be found online at http://www.foreclosures.com.