Bay State Foreclosures Slow In May
Framingham-based ForeclosuresMass.com says the state's 90-day extension for homeowners facing foreclosure made May the eye of a real estate finance hurricane.
The foreclosure data provider said there were 392 foreclosure filings in Massachusetts in May compared to a record 3,414 in April. The reason for the lull was a new state law aimed at "preserving home ownership," which went into effect May 1. The law gives homeowners 90 days to find a way to avoid foreclosure. The previous "right to cure" period was 30 days.
ForeclosuresMass.com said the new requirements "have created a situation similar to the eye of a hurricane. It may seem calm now, but the storm will come raging back with even more force in the days ahead."
The organization said the new law does nothing to change the state's real estate market and expects foreclosures to return to record-high levels by the end of July.
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