BOSTON – The number of foreclosure deeds filed in Massachusetts in 2007 rose 148 percent compared with 2006, according the latest figures from from The Warren Group.
The number of foreclosures has subsided from the year’s high, reached in August, of 1,018 – a 166-percent increase from August 2006.
But foreclosures rose again in December to 683, an increase of 136 percent from the same month in 2006.
Rhode Island's Market Has Changed. Developers, Builders, Investors and Sellers Must Change With It.
By Emilio DiSpirito IV License Partner | Engel & Völkers Oceanside Leader | The DiSpirito…
Learn More
“The rise in foreclosure deeds fell off a little bit in October and November, but rose more than 100 percent again in December, a clear signal that this problem is far from over,” CEO Timothy Warren Jr., said in a statement yesterday.
In all of Massachusetts, 7,653 foreclosure deeds were filed in 2007. During 2006 there were 3,086, and during 2005 there were 1,092.
“Although foreclosures rose substantially over 2006 numbers, the severity of the problem becomes even more obvious when 2007 is compared with 2005, and we see that foreclosure deeds rose 600 percent,” Warren said. “Many more people will lose their homes in 2008, and regulators, mortgage lenders and lawmakers need to continue to find solutions to the problem.”
In Bristol County, 771 foreclosure deeds were filed last year, a 157-percent increase from the 300 filed in the county in 2006.
The Warren Group Inc. is a provider of New England real estate data and the publisher of Banker & Tradesman and other journals. Additional information is available at www.thewarrengroup.com.
