Mass. Foreclosure Filings Reach 3,000 Per Month

The number of Bay State foreclosure filings topped 3,000 in August, the first time since the 1990s real estate bust that there was more than 3,000 foreclosure filings in a month, the Boston Herald reported November 21, 2007.

The Warren Group, a publisher of real estate market data, released the figures. Lenders initiated foreclosure proceedings 3,115 times against Massachusetts homes in August.

“'Foreclosures are getting so high that I worry they’re becoming like Mount Washington: Making their own weather,' [Warren Group Chief Executive Tim] Warren said, theorizing that the state’s foreclosure crisis has become bad enough to hurt the overall housing market. 'Potential buyers figure: ‘There must be lots of distressed properties around. Maybe we should wait to buy.’'"

August filings rose 75.5 percent from a year ago, as well as 25.3 percent from July 2007.

Read The Boston Herald Article

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