Foreclosure Postings Increasing In Commonwealth
May 13th, 2008
Foreclosure postings are increasing in affluent commonwealth regions. This trend was noticed during the first quarter. The numbers more than doubled in Boxborough, Medfield and Weston compared to what it was a year ago. Till recently only few numbers of foreclosures were reported from here. Thus an increase by few more could well calculate to a big percentage jump. ForeclosuresMass.com is supplying the data.
In two Boston suburbs there was a three-fold spike. In comparison to 12 in the previous year, this year Belmont registered 36 foreclosure houses. In Nahant the increase was to 17 from 5. Other regions of double increases were Chelsea, Millis as well as Winthrop. Practically all the counties showed significant increases with Dukes leading the ranks.
During the first quarter of this year lenders filed 9,114 notices in the state courts. It was a sharp rise from 6,624 of the previous year. Jeremy Shapiro of ForeclosuresMass.cm opined that things have become worse than before. The blame is being put on the sub-prime mortgages with floating interest. Many were lured into it but their incomes did not permit them to continue with it.
Figures speak for themselves. From 2005 to 2008 the number of filings increased steadily each year from 2,894 (2005) 9,114 (2008) during the first quarter. The top five offenders in Boston are Nahant (240% increase), Belmont (200% increase), Framingham (168% increase), Boxborough (144% increase) and Chelsea (143% increase).
This year Boston has already showed 306 foreclosures – the highest for any Massachusetts city. But considering the size of the city the numbers are not too high. Boston is ranked 35th between Framingham and Whitman. Dorchester in Boston is the worst hit pocket. With 171 foreclosures it can be counted as a topper if Dorchester is taken to be a city. The second place goes to Worcester. The good news is that 95 cities and towns have not recorded any foreclosure as yet. Of these the first three largest ones are Brookline, Lexington and Winchester. In 2007 the worst foreclosure offender was Lawrence. Brocton claimed second position. The rankings have not changed much so far this year.
In general the foreclosure numbers have doubled despite the various measures being undertaken at the federal and state level. The blame is largely laid on the sub-prime mortgages but there are other factors too. There has been large-scale unemployment leading to lay offs. Reckless spending by Washington is also taken to be cause as is the erroneous foreign policy of supporting dictators and wars.
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September 26th, 2008 at 6:39 am
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