Mass. foreclosures spike in March

Mass Foreclosure & Real Estate News

Article Abstract: Mass foreclosure rates have jumped 140% from the same period in 2007. Nearly 1,200 Mass Foreclosures went to auction in March alone. Foreclosure numbers in Q1 also had an increase of about 140%. Mass foreclosure rates are the highest since the savings and loans crisis in the early 1990s. Notice of mortgage defaults also climbed- an indicator that more Mass foreclosures are yet to come. For the entire Massachusetts foreclosure article please read below.

_____________________

Almost 1,200 Massachusetts properties were seized by mortgage companies in March, an increase of more than 140 percent from the number of foreclosures in March 2007, according to new data from Warren Group.

Massachusetts foreclosures during the first three months of this year topped 2,800, also about 140 percent greater than the number of foreclosures during the first quarter of 2007.

While the profile of the foreclosure issue has diminished somewhat, the numbers underscore that the problem keeps growing.

There are no signs as yet that any efforts by the mortgage industry or government officials are reducing the numbers of people losing their homes.

Warren Group reported that mortgage companies seized 1,167 Massachusetts properties in March, compared with 486 properties during the same month last year.

Total foreclosures during the first three months of this year:
Month----2008----2007
January----800----350
February----860----350
March----1,167----486
TOTAL foreclosures----2,827----1,186

The number of foreclosures in March also is the highest since the early 1990s, surpassing the recent high-water mark of 1,018 last August.

An indication the worst is yet to come: The number of petitions to foreclose, an indicator of future foreclosures, climbed by 33 percent to 2,918 in March, compared with 2,189 filed in March 2007.
(By Binyamin Appelbaum, Globe staff)

Article Source