Massachusetts foreclosures jump 72% in August

ForeclosuresMass.com, a provider of Massachusetts foreclosure data for investors, real estate professionals and mortgage brokers, reported today that 1,812 foreclosures were initiated statewide in August, which is 72 percent higher than August 2005 and 266 percent above August 2004 levels.

"Foreclosures in Massachusetts continue to escalate at levels we haven't seen since the housing crash of the early 1990s," said Jeremy Shapiro, president and co-founder of ForeclosuresMass.com. "We expect foreclosure rates to continue this historic climb well into next year."

The company also reported:

• There were 34.4 percent more foreclosures in August than in July, which is the largest month-to-month increase in the past three years, the company reported.

• When comparing the 12-month period from Sept. 1, 2005, to Aug. 31, 2006, with the same period a year earlier, foreclosures increased statewide 45.6 percent (15,309 foreclosures vs. 10,517 foreclosures).

• Counties with the largest increases in foreclosures during that period included Barnstable with a 74.6 percent increase (728 foreclosures vs. 417 foreclosures); Bristol with a 70.5 percent increase (1,468 vs. 891); and Suffolk with a 56.7 percent increase (1,609 vs. 1,027).

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