Foreclosure news is never good
ForeclosuresMass.com, which tracks filings by lenders against homeowners in the state's Land Court, said filings were a record in August -- the third monthly record in a row.
July was also a record: 2,483; as was June, 2,343, ForeclosuresMass.com said.
There were 3,117 new filings in August, the latest figures available -- that amounts to 101 homeowners a day entering the foreclosure process. Many filings never result in a home seizure by lenders, because they properties are either sold or returned to the lender, without argument. But filings are a good proxy for a homeowner-misery index.
Mortgage experts have predicted filings would rise as the interest rates on adjustable-rate, subprime mortgages reset to higher levels, pushing up borrowers' monthly payments.
Between January and Aug. 31, a total of 18,705 filings were recorded. This year will easily beat 2006's record: 19,487.
So far this year, about 6,600 homeowners have had their homes repossessed by lenders in foreclosure, according to the Warren Group.
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