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More on foreclosures

Email|Link|Comments (5) Posted by Binyamin Appelbaum May 29, 2008 02:46 PM

At the current pace, seven of every 1,000 residential properties in Massachusetts will be foreclosed this year. And fresh numbers from Warren Group show that the pace continues to accelerate: 800 in January, 860 in February, 1,167 in March, 1,334 in April...

All told, there have been 4,161 foreclosures so far this year, compared with 329 foreclosures during the first four months of 2005.

Some foreclosures are happening almost everywhere. The list of towns with no foreclosures so far this year now numbers 73, down from 95 last month. Winchester is now the largest unscathed place.

But most foreclosures are happening in the old industrial cities. I've ranked cities by the highest number of projected foreclosures per 1,000 residential properties. The first column shows the projected foreclosure total, the second column shows the rate:

FC%20Rate.bmp

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5 comments so far...

Can we see data for all towns? Link please...

Posted by Frank S. May 29, 08 03:38 PM

What is the vertical scale on the graph? It doesn't seem to make sense for either of the logical ones to use (number and annual pace of foreclosures).

Posted by Chris May 29, 08 07:31 PM

It was intended to be the number of foreclosures in the given year as of the end of the given month. Unfortunately, it appears to be wrong. Apologies. (Chart has been removed.)

We're working on posting data for all towns. Check back tomorrow.

Posted by Binyamin Appelbaum May 29, 08 08:20 PM

How is this a surprise? The people who bought in these areas did so because they were some of the lowest priced properties available and the folks who purchased probably did so with those creative loans, no money down, and less than stellar credit. They probably should have never been homeowners in the first place.

Posted by spm May 30, 08 01:40 PM

On the other hand, notice that Lowell is not on the list. That is because the city continues to pull in new residents who are interested in loft living, but within an atmospher of art galleries, great restaurants and with the ethnic diversity, some very interesting festivals. Don't get me wrong, there are foreclosures in Lowell too, but it has experienced some significant loft-living growth as well as property value growth in the past few years.

Posted by CF May 30, 08 11:33 PM