Mass. foreclosures spike in July

Foreclosure filings in Massachusetts rose sharply in July, more evidence that the housing market in the state is still on a downward spiral.

There were 1,348 foreclosures statewide in July, according to data collected by ForeclosuresMass.com. That's an average of nearly 70 every day and 56 percent more than the 866 filings in July 2005. Foreclosure filings are the first step lenders must take on the path to removing a borrower from a home for missing mortgage payments.

Jeremy Shapiro, ForeclosuresMass.com's president, blamed rising interest rates and energy costs for the foreclosure increases, which he said should continue at least through year's end.
(By Keith Reed, Globe staff)

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