Industry News

Massachusetts foreclosures soar in October

Filings reach highest level in over a decade, report says

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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...