March 28, 2007
Home foreclosures hit record level
By Matthew L. Brown
Foreclosure filings in Massachusetts continue to increase at record pace, and reached a new high in February, according to a ForclosuresMass.com market analysis report.
The reports shows that 2,227 foreclosures were initiated statewide in February, 85 percent above February of 2006.
In the last 12 months, lenders started foreclosure proceedings against 21,644 homeowners, 82 percent more than the previous 12 months.
ForeclosuresMass.com said the increased foreclosure rate was the result of rising interest rates, an increase in "sub-prime" loans, the effect of adjustable rate mortgages, rising home heating costs, increased gasoline prices, and a slumping Massachusetts housing market.
The reports shows that 2,227 foreclosures were initiated statewide in February, 85 percent above February of 2006.
In the last 12 months, lenders started foreclosure proceedings against 21,644 homeowners, 82 percent more than the previous 12 months.
ForeclosuresMass.com said the increased foreclosure rate was the result of rising interest rates, an increase in "sub-prime" loans, the effect of adjustable rate mortgages, rising home heating costs, increased gasoline prices, and a slumping Massachusetts housing market.
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