2008 could be even worse for local foreclosures
Home foreclosures in Massachusetts are estimated to increase by at least 15 to 25 percent above the historic highs reached in 2007, ForeclosuresMass.com reported today.
With the economy slowing and home prices declining as many home owners face an increase in their monthly payments as a result of an adjustable mortgage, February was the fourth highest month for Massachusetts foreclosures on record, with 2,861 filings, up 28.5 percent from filings in February 2007, ForeclosuresMass.com said.
Still, February's number was down 11.4 percent from the 3,230 foreclosures in January 2008, the single highest monthly total in Massachusetts history, according to ForeclosuresMass.com, a Framingham firm that provides foreclosure data to investors, real estate investors, and mortgage brokers.
For the 12-month period that ended Feb. 29, lenders initiated 31,516 foreclosures statewide against home owners, up 45.6 percent over the comparable 12-month period a year ago, ForeclosuresMass.com said.
“2007 was the worst year in history for Massachusetts homeowners, and our forecast for 2008 is even gloomier,” Jeremy Shapiro, president and cofounder of ForeclosuresMass.com, said in a statement. “2007 ended with two consecutive record quarters, and the surge is continuing this year."
(By Chris Reidy, Globe staff)
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