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| Foreclosures
increase in Massachusetts |
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Foreclosures have been on
the rise for the past few months for a variety of different
reasons.
Some reasons people are losing their homes is because
their mortgage
payments have skyrocketed due to the steady hike in
interest rates courtesy of the Federal Reserve.
Massachusetts has seen a huge increase in the amount of
foreclosures across the state, which is affecting thousands
of homeowners.
An article entitled, “Foreclosure fillings in Mass.
Surge 66 percent,” by Kimberly Blanton of The
Boston Globe, investigates the housing market in
Massachusetts in regards to foreclosures.
The amount of foreclosures in this state is not a small
number and the increase in the amount of foreclosures
is incredibly alarming.
“Foreclosure filings in Massachusetts increased
66 percent in the second quarter, according to data released
yesterday, a trend that is expected to continue over the
next year.”
“Mortgage lenders filed
4,292 notices of foreclosure against homeowners during
the second quarter, up from 2,585 a year earlier, according
to ForeclosuresMass Corp., which compiles the data from
Massachusetts Land Court. That 66 percent surge in filings
compares with a 30 percent rise in first-quarter filings.”
Experts are worried about the speedy rate that the amount
of foreclosures in Massachusetts is occurring. Although
the amount is below the national average, professionals
are still concerned.
“Jeremy Shapiro, the president of ForeclosuresMass,
said he was alarmed about the pace of Massachusetts' sharp
recent increases.”
“ ‘The foreclosures in Massachusetts right
now are skyrocketing,’ " he said. “ ‘This
is a problem that's going to extend through 2007 and 2008.’
"
He only thing that could make this situation any better
would be if the Federal Reserve did not raise interest
rates for the 18th time on Aug. 8.
This could potentially help this situation a lot, because
mortgage
payments would not get higher, and people would hopefully
still be able to afford the one they have now.
“Kevin Cuff, the executive director of the Massachusetts
Mortgage Bankers Association, said these are `big increases.’
However, the total number of mortgage loans also has ballooned.
For example, just 315,000 mortgages were extended to Massachusetts
homeowners in 2000. By 2002, loans had doubled and hit
a record 870,000 in 2003.”
“Lending activity has slowed recently, to 535,000
mortgages in 2005.” |
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