Foreclosures in Massachusetts were up 111 percent in October compared to the same month last year, for the highest monthly total in over 10 years, according to ForeclosuresMass.com, a company that gathers and reports foreclosure data for the state.
The company reported that 2,188 foreclosures were initiated throughout the state in October, up 219 percent from October 2004 levels.
“2006 has been a very unhappy year for thousands of Massachusetts homeowners, and as the holidays approach we are seeing a massive increase in foreclosure filings,” said Jeremy Shapiro, president and co-founder of ForeclosuresMass.com, in a statement.
By the end of October, every county in Massachusetts had more foreclosure filings than were filed for the entire 2005 calendar year, Shapiro also stated. “Unfortunately, the holiday season will be difficult for many homeowners.” Increased home heating costs during the winter months will put additional pressure on household budgets, he said.
The company also reported:
- 15,133 foreclosures were initiated in Massachusetts from Jan. 1 to Oct. 31 this year, while 11,493 foreclosures were filed for the entire year in 2005.
- 2,188 new foreclosures were initiated in October 2006, which equates to about 70 foreclosure filings per day or about 110 every business day.
- When comparing the 12-month period from Nov. 1, 2005, to Oct. 31, 2006, with the same period a year earlier, foreclosures increased statewide by 54 percent. Counties with the largest increases during this period included Barnstable with a 92 percent increase, Bristol with a 75 percent increase, and Suffolk with a 67 percent increase.