The Bay State's Foreclosure Blues
Saturday, May 10, 2008
The state of Massachusetts is still reeling from a record number of foreclosures that are sweeping across the New England state, according to a new report from publisher and real estate data provider The Warren Group.
In the data provider's March foreclosure report, The Warren Group says Massachusetts saw foreclosure deeds rise 140.1-percent between March of this year and March 2008. Last month alone, Massachusetts had 1,167 foreclosure deeds on record, compared to 486 during the same period a year ago. The Warren Group says an increase in foreclosures also occurred between the months of February and March this year, rising 35.7-percent from 860 to 1,167 foreclosure deeds filed.
“The number of people losing their homes to foreclosure shows no sign of abating,” said Timothy Warren, Jr., chief executive officer of The Warren Group. “Nearly 3,000 homeowners in the Bay State fell victim to foreclosure during the first quarter of the year.”
Warren said his group predicted a foreclosure peak last year, but current data disproves this theory.
“The last time more than 1,000 foreclosure deeds were filed during one month was in August 2007, when 1,018 were filed,” said Warren. “We hoped that represented something of a peak, but March's numbers have shown us that Massachusetts' foreclosure problems continue to worsen. With steady increases in petitions, I don't see this problem going away anytime soon.”
In the data provider's March foreclosure report, The Warren Group says Massachusetts saw foreclosure deeds rise 140.1-percent between March of this year and March 2008. Last month alone, Massachusetts had 1,167 foreclosure deeds on record, compared to 486 during the same period a year ago. The Warren Group says an increase in foreclosures also occurred between the months of February and March this year, rising 35.7-percent from 860 to 1,167 foreclosure deeds filed.
“The number of people losing their homes to foreclosure shows no sign of abating,” said Timothy Warren, Jr., chief executive officer of The Warren Group. “Nearly 3,000 homeowners in the Bay State fell victim to foreclosure during the first quarter of the year.”
Warren said his group predicted a foreclosure peak last year, but current data disproves this theory.
“The last time more than 1,000 foreclosure deeds were filed during one month was in August 2007, when 1,018 were filed,” said Warren. “We hoped that represented something of a peak, but March's numbers have shown us that Massachusetts' foreclosure problems continue to worsen. With steady increases in petitions, I don't see this problem going away anytime soon.”
