Regional Spotlight: Foreclosures in Mass. Rise 150% in 2007

RISMEDIA, Jan. 25, 2008-Foreclosure deeds in Massachusetts more than doubled in 2007 when compared to 2006, and were up seven times the number of foreclosures in 2005, according to The Warren Group, publisher of Banker & Tradesman.

“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,” said Timothy Warren Jr., CEO of The Warren Group.

There were 7,653 foreclosure deeds in 2007, up 148% from the 3,086 in 2006, and up 600% from 1,092 in 2005. During the month of December, deeds rose 136.3% to 683 from the 289 filed in December 2006.

Auction announcements rose 119.3% from 6,659 in 2006 to 14,604 in 2007. Last year, they were up 216.1% from the 4,620 filed in 2005. In December, auction announcements increased 66% from 661 in December 2006 to 1,097 in 2007.

“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.”

For more information, visit www.thewarrengroup.com or call 617-428-5100

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