MA Foreclosures Expected To Increase In 2008

ForeclosuresMass, a provider of Massachusetts foreclosure data for a fee, released its latest Massachusetts Market Analysis Report March 27, 2008, accompanied by its forecast that foreclosure filings will continue at record levels through 2008.

ForeclosuresMass estimates that in 2008 Massachusetts foreclosure filings will increase by at least 15 to 25 percent above the historic highs reached in 2007.

ForeclosuresMass attributes the foreclosure increase to a “perfect storm” of factors. The pressures put on property owners include the effects of adjustable rate mortgages, sub-prime and other ‘exotic’ loans, the distressed lending market, decreased property values, substantially increased gasoline and home heating costs and the slumping economy.

The ForeclosuresMass March 2008 Market Analysis Report shows that foreclosures are up in 282 of the state’s 351 communities, with 74 communities experiencing at least a 75 percent jump in foreclosure filings in the past 12 months. Overall, 31,516 homeowners faced foreclosure in the past 12 months, a statewide increase of 45.6 percent.

Highlights of the ForeclosuresMass March 2008 Market Analysis Report:

• Lenders initiated 31,516 foreclosures statewide against homeowners in the 12 months from March 1, 2007 to February 29, 2008, a year over year increase of 45.60%
• In the past 12 months foreclosures are up in 282 of the state’s 351 communities, with 74 communities experiencing at least a 75 percent increase in filings
• February 2008 saw 2,861 filings, the 4th highest month on record, and 28.47% above February 2007 levels
• January 2008’s 3,230 foreclosure filings were the single highest monthly total in Massachusetts history, and represented a 46.35% increase over January 2007
• Q4 of 2007 was the highest quarter on record; final tally of foreclosures was 8,578, well ahead of Q3 2007, which had set the previous record of 8,175
• In the past 12 months Dukes, Nantucket, Suffolk, Essex, Barnstable and Middlesex Counties all experienced increases of at least 50%. Dukes County experienced a 100% increase (98 v. 49), Nantucket County saw a 64.71% increase (28 v. 17), Suffolk County had a 63.16% increase (3,836 v. 2,351), Essex County filings jumped by 58.59% (4,174 v. 2,632), Barnstable County increased by 54.85% (1,595 v. 1,030) and Middlesex County experienced a 53.09% increase (4,957 v. 3,238)

Download MassForeclosure_March_2008_Market_Analysis_Report.pdf