Explosive Increase in Massachusetts Foreclosures as Holidays Approach

[populistdriven]

Over 2,000 Massachusetts Homeowners Had Foreclosures Filed Against Them in October 2006; Highest Monthly Total in Over 10 Years; 111% Higher Than October 2005 and 219% Higher than October 2004

FRAMINGHAM, Mass.--(BUSINESS WIRE)--ForeclosuresMass.com, the leading provider of Massachusetts foreclosure data for investors, real estate professionals and mortgage brokers, released its November 2006 Massachusetts Market Analysis Report today, with data revealing that foreclosure filings in Massachusetts are shattering previous records. The report shows that 2,188 foreclosures were initiated statewide during the month of October 2006, 111% more than October 2005 and 219% above 2004 levels.

“2006 has been a very unhappy year for thousands of Massachusetts homeowners, and as the holidays approach we are seeing a massive increase in foreclosure filings,” said Jeremy Shapiro, president and co-founder of ForeclosuresMass.com. “By October 31st of 2006 every county in Massachusetts already had more foreclosure filings than the entire 2005 calendar year. Unfortunately, the holiday season will be difficult for many homeowners.” Shapiro also noted that the cold months of the year are just setting in, and increased home heating costs will put additional pressure on household budgets.

Shapiro urged homeowners in jeopardy of falling behind in mortgage payments to seek immediate help and guidance. In addition to understanding their rights, homeowners should keep in contact with their mortgage lenders and seek help from real estate, investment and mortgage professionals experienced in dealing with foreclosure situations.

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http://home.businesswire.com/portal/site/google/index.jsp?ndmViewId=news_view&newsId=20061212005183&newsLang=en

[OrangeCountyDemocrat]

1. "Soft Landing"

The real estate market should be turning around any minute now.

[populistdriven]

2. This is tragic - every one of those is a family's dreams crushed

[OrangeCountyDemocrat]

3. Worse Than You Think

This is 1 State.

If it were a baseball game, we'd still be in the 3rd inning.

[populistdriven]

5. like dominoes:

[Rockholm]

7. The market has already begun to turn.

Prices have stabilized, inventories are shrinking and interest rates continue to drop. I believe that the bottom has been found.

[qwlauren35]

4. Mass Housing is Waaaaaay Overpriced.

Lived there for 12 years. Scared to buy property. Most people I knew who worked in hi-tech could mainly afford a condo, or were house poor, or tried to rent out a portion. The smart ones did home-sharing.

I knew people who would commute 2 hours just so that they could live in NH or Conn and avoid Mass housing prices, especially if they had families.

Again, I blame PART of this on the American home-owning dream, part on the people who oversell, and advise overextending one's credit, and hi-tech jobs going off-shore.

So far, we've heard about this happening in two of the larger hi-tech areas, California and Massachusetts. It's a painful sign of the times. No one PLANS to be UNDERemployed. But we live in times when we may end up making less as we get older, instead of more, and we need to learn to budget accordingly...

And the sad thing is that folks have to figure it out themselves. Too many people (creditors, realtors, etc.) make money off of not admitting this.

[bluescribbler]

8. There's another issue here.

The cost of living is rising faster than wages and salaries. I have a pretty good job in the bio-tech industry. My employer is earning huge profits. If I really bust my ass, I might be able to expect a 4% raise next year. If I skate, and just keep my boss satisfied, I'll probably get 3%. But my expenses are rising higher than that. Homeowners insurance haas increased. Heating oil is up. Electricity is up. Health insurance premiums are up, as are out of pocket costs. Food prices are up.

Put it all together, and it gets harder each year to plan a budget I can live with.

[Lasthorseman]

6. Sister in law

also left the real estate business.