Mass. foreclosure activity continues to surge
First-quarter foreclosure activity in Massachusetts set a record for the third straight quarter, ForeclosuresMass.com said today.
During the first three months of 2008, lenders initiated foreclosure action against the home owners of 9,114 Massachusetts properties, a 38-percent jump over the comparable period in 2007, ForeclosuresMass.com said.
“Despite all of the attention being given to the foreclosure issue, nothing has changed. In fact, things have gotten worse,” Jeremy Shapiro (right), president and cofounder of ForeclosuresMass.com, said in a statement. “Homeowners facing foreclosure should not wait for a miracle cure to this problem; rather they should seek the help of qualified professionals to help them avoid foreclosure.”
ForeclosuresMass.com, a Framingham firm that provides Massachusetts foreclosure data for investors, real estate professionals, and mortgage brokers, said it attributes the foreclosure increase to the following factors: The effects of adjustable rate mortgages, sub-prime and other "exotic" loans, the distressed lending market, decreased property values, substantially increased gasoline and home heating costs, and the slumping economy.
In the 12-month period that ended March 31, lenders initiated 32,349 foreclosures statewide against home owners, a year-over-year increase of 45 percent.
(By Chris Reidy, Globe staff)
