Mass. foreclosures set a record

Foreclosure filings in Massachusetts hit a record high in February for the second straight month, according to a new report.

Last month, 2,227 foreclosures were initiated statewide, 85 percent more than the 1,201 recorded in February 2006, said ForeclosuresMass.com, a Framingham firm that provides foreclosure data to investors, real estate agents, and lenders.

In January, 2,207 foreclosure filings were submitted, at the time the highest number since 1986, the earliest year for which such data are available, the firm said.

"While lawmakers at the federal and state level are looking into ways to protect homeowners, the fact is that foreclosure filings have - and will - continue at astronomical levels well into 2007," ForeclosuresMass.com president Jeremy Shapiro said.

He attributed the spike to a convergence of factors, including the effects of adjustable rate mortgages and an increase in subprime and other exotic home loans.

A foreclosure filing doesn't necessarily mean a borrower loses the home; a borrower can sometimes negotiate extensions with lenders.
(By Chris Reidy, Globe staff)