Is 2008 Going To Be One Of The Worst Years For Foreclosures In Massachusetts?
As the foreclosure homes inventory soared for April 2008, the state of Massachusetts is waking up to a new threat unraveled by the astounding rise in foreclosure rates. The foreclosure deeds filed in this month jumped a staggering 187.5% from 2007 and has gained the dubious reputation of being the highest number of deeds filed for any single month since the year 2005, as per the latest figures.
The 1,334 foreclosure deeds that were filed in April of the current year are extremely high in comparison to the 464 deeds filed in April last year. Besides this, Massachusetts foreclosures recorded from Jan to Apr of this year were 152.2% more at 4, 161 compared to 1,650 recorded last year for the first 4 months.
Based on the Foreclosures by State numbers, Massachusetts has one of the highest rates of foreclosures including bank foreclosure. There is no quick way out of this mess, and there are hundreds of homeowners who are a step closer to foreclosure every day, while one thirds of the residents have already lost their homes to the foreclosure epidemic.
Consider the fact that in 2005; only 329 foreclosure houses for sale were filed within Jan – April. And now, three years later, that number has risen by 1,165% for the same period. An exponential rise indeed! Though it was largely perceived that 2007 was one of the worst years for Massachusetts’ foreclosure filings, the rising number of filing in 2008, tell a different story. Perhaps 2008, is more likely to be one of the worst years for foreclosures in the State of Massachusetts. Whatever the case maybe, one thing is for certain that foreclosure epidemic is not going to abate anytime soon!
