Massachusetts foreclosures highest in decade

ForeclosuresMass President and co-founder, Jeremy Shapiro Q1, 2006 had 3,762 foreclosures, the most in any quarter since we started collecting data in 2003. To put this in perspective, there were 3,071 foreclosures in Q4, 2005 and 2,894 foreclosures in Q1, 2005. March alone had 1,487 foreclosures, the most in any month in the past ten years. February 2006 had only 1,200 foreclosures, which is the biggest month to month increase since we began tracking data. Compared to March, 2005 with only 1,016 foreclosures, March 2006 had 61.81% more foreclosures statewide. Comparing March 2006 with February 2006, the counties with the largest increases were Hampshire (77.78%, to 16), Franklin (55.56%, 9 to 14), Worcester (47.50%, 120 to 177) and Suffolk (47.50%, 120 to 177) When comparing the 12-month period April 1st 2004 to March 31st 2005 with April 1st 2005 to March 31st 2006: Foreclosures increased statewide 32.82% (9,308 to 12,363) The biggest county increases were in Barnstable with a 59.21% increase (353 to 562), Essex (48.66%, 1,009 to 1,500) and Suffolk (47.79%, 881 to 1,302) In towns/cities with 10-49 foreclosures over the past 12 months, the biggest increases were in Medway (300%, 6 to 24), Hampden (283%, 6 to 23), Rochester (233%, 3 to 10), Manchester (225%, 4 to 13), and Sturbridge (214%, 7 to 22) In towns/cities with 50 or more foreclosures over the past 12 months, the biggest increases were in Dennis (127%, 22 to 50), Marshfield (103%, 32 to 65), Lawrence (102%, 106 to 214), Bridgewater (89%, 35 to 66), and Mashpee (84%, 31 to 57) For more information, see our Media Inquiries page.

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	Posted on June 30, 2006 at 6:38AM by John Tyler [Login to Reply] IMHO it is Going to get a whole lot worse than this, peoples ARMs are only just starting to reset...
	Posted on July 14, 2006 at 9:22AM by Jason Russo [Login to Reply] The problem with this phenomenom (as an investor) is that 95% of these foreclosures are not worth pursuing. THe delinquent accounts usually have no equity to make it worthwhile. They are mostly variable interest only loans or loans that are still in the infant stage (3-4 years old).