Multi-family Foreclosures Rising Fast
Massachusetts foreclosure petitions continued to rise in February, especially foreclosure petitions involving multi-family homes, the Boston Herald reported March 31, 2008.
The Warren Group, a Boston-based publisher of real estate data, reported that Bay State foreclosure petitions totaled more than 2,200 in February, up 27 percent from the same month a year earlier.
Foreclosure petitions are a first step that often leads to owners losing their homes.
Foreclosure deeds, in which the owner loses the home, more than doubled to 860 in February.
"A disproportionate number of February foreclosure petitions involved two- and three-family homes. The 635 petitions for multifamily homes represented 23 percent of all petitions, but multifamily homes make up 11 percent of the state’s housing stock."
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