New Foreclosures Double in MA

New foreclosures in Massachusetts recorded in May were more than double those of a year earlier, according to ForeclosuresMass, Framingham, Mass.The company said 1,613 foreclosures were recorded in May, 105% higher than the level of a year earlier and 165% higher than that of May 2004. "We expected foreclosure rates to increase again this year, but the levels we are tracking outdistance our earlier predictions," said Jeremy Shapiro, president and co-founder of ForeclosuresMass. "It is clear that many homeowners, especially those with adjustable-rate mortgages, are being pushed closer to the edge as interest rates rise at such a consistent clip. We may be witnessing a 'perfect storm' scenario where a flat real estate market, higher interest rates, rising energy costs, and specialty loans are causing significant difficulty for thousands of Massachusetts property owners." The company can be found online at http://www.foreclosuresmass.com.