ForeclosuresMass.com Reports That Massachusetts Foreclosures Soar 72% in August

ForeclosuresMass.com, the leading provider of Massachusetts foreclosure data for investors, real estate professionals and mortgage brokers, released its latest Massachusetts Market Analysis Report today, with data revealing a new spike in the already-soaring number of foreclosures facing Massachusetts residents. The report shows that 1,812 foreclosures were initiated statewide in August, 72 percent more than August 2005 and 266 percent above August 2004.

“Foreclosures in Massachusetts continue to escalate at levels we haven’t seen since the housing crash of the early 1990’s,” said Jeremy Shapiro, president and co-founder of ForeclosuresMass.com. “In August alone there were over 90 new foreclosures filed every business day from every corner of the state. These latest findings have prompted us to extend our forecast; we expect foreclosure rates to continue this historic climb well into next year.” Shapiro advised homeowners facing foreclosure to understand their rights, to immediately contact their mortgage lenders and to seek help from real estate, investment and mortgage professionals experienced in dealing with foreclosure situations.

Highlights of the ForeclosuresMass.com August Market Analysis Report, which examines data through the month of August 2006, include:

1,812 new foreclosures were initiated in August 2006. This is an average of over 90 filed every business day throughout the month and the highest one-month total since ForeclosuresMass.com began tracking foreclosure filings in 2003.

• August 2006 had 71.75% more foreclosures than August 2005 (1,055).
• August 2006 had 266.47% more foreclosures than August 2004 (680).
• August 2006 had 34.42% more foreclosures than July, 2006 (1,348) – this is the largest month-to-month increase in the past three years.

When comparing the 12-month period from September 1, 2005 to August 31, 2006 with September 1, 2004 to August 31, 2005:

• Foreclosures increased statewide 45.56% (15,309 v. 10,517).
• Counties with the largest increases included Barnstable with a 74.58% increase (728 v. 417), Bristol (70.50% increase; 1,468 v. 891) and Suffolk (56.67% increase; 1,609 v. 1,027).
• In towns/cities with 10-49 foreclosures over the past 12 months, the largest increases were in Mattapoisett (550% increase; 13 v. 2), Rowley (550% increase; 13 v. 2), Westport (514% increase; 43 v. 7), Orleans (500% increase; 12 v. 2), and Brimfield (400% increase; 15 v. 3).
• In towns/cities with 50 or more foreclosures over the past 12 months, the largest increases were in Dartmouth (224% increase; 55 v. 17), Abington (165% increase; 61 v. 23), North Attleboro (127% increase; 68 v. 30), Mashpee (122% increase; 80 v. 36) and Lowell (112% increase; 379 v. 179).

When comparing August 2006 to August 2005, the counties with the biggest increases were Bristol (107.50% increase; 166 v. 80), Dukes (100% increase; 4 v. 2) and Essex (85.12% increase; 224 v. 121).

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