Massachusetts Foreclosure Default Notices on the Rise

Posted by admin
October 29, 2009
Rising unemployment and more adjustable-rate loans resetting to higher monthly payments are boosting foreclosure filings in the region.
The number of homeowners in the Boston metropolitan area who received default notices – the first step in the foreclosure process – swelled to 7,962 in the third quarter, a 19.4 percent increase over the same period last year, according to RealtyTrac, an online marketplace for foreclosure properties
Despite the grim news, Greater Boston appears to be in better shape than other parts of the country. While between 3 and 5 percent of homes in some parts of Nevada, Florida and California faced foreclosure from July through September, less than one half of one percent of the Boston area’s homeowners received a foreclosure notice during the same period.
Still, the number of default notices increased by 10 percent in Greater Boston over the second quarter. This, despite a law that went into effect last May that requires lenders to delay initial proceedings in an effort to work out a new loan.

Rising unemployment and more adjustable-rate loans resetting to higher monthly payments are boosting foreclosure filings in the region.

The number of homeowners in the Boston metropolitan area who received default notices – the first step in the foreclosure process – swelled to 7,962 in the third quarter, a 19.4 percent increase over the same period last year, according to RealtyTrac, an online marketplace for foreclosure properties

Despite the grim news, Greater Boston appears to be in better shape than other parts of the country. While between 3 and 5 percent of homes in some parts of Nevada, Florida and California faced foreclosure from July through September, less than one half of one percent of the Boston area’s homeowners received a foreclosure notice during the same period.

Still, the number of default notices increased by 10 percent in Greater Boston over the second quarter. This, despite a law that went into effect last May that requires lenders to delay initial proceedings in an effort to work out a new loan.

Foreclosure Financing, Massachusetts Foreclosure Data, foreclosure statistics

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