New Foreclosures Hit 10-Year High in MA

New foreclosures in Massachusetts hit their highest level in 10 years in March, according to ForeclosuresMass, Framingham, Mass.The company said 1,487 foreclosures were recorded in March, 62% higher than the level of a year earlier, bringing the quarterly total to nearly 3,800. "It is quite clear that every month thousands of homeowners are reaching a breaking point in Massachusetts -- the number of property owners facing foreclosure continues to climb at alarming rates," said Jeremy Shapiro, president and co-founder of ForeclosuresMass. "While there are many factors, including higher interest rates, spiraling property values, and a flat economy, that contribute to the increase in foreclosures, it seems clear that higher energy costs are also pushing some homeowners to the brink." The company can be found online at http://www.foreclosuresmass.com.