Foreclosures Deluging Commonwealth Of Massachusetts

May 12th, 2008 | Tags: Foreclosures

Foreclosures are causing concern by deluging Commonwealth of Massachusetts. It is strange but true that some of the rich suburbs of Boston now boast of high concentrations of foreclosures during the first quarter of the current year. Boston, located in Suffolk County is the capital of Massachusetts State and the largest in New England. With a burgeoning population, Boston is the centre of the economy and culture of New England. It is also at the heart of the Cambridge-Boston-Quincy metropolitan region. This is the 10th largest in US having a population touching 4.5 million.

But the reports coming in are grim. Foreclosure activity has more than doubled in Boxborough, Medfield as well as Weston in comparison to what it was a year ago. Some areas had only few foreclosures but with more coming in, the percentage increase has been alarming.

In two other places the number of foreclosures have registered a three-fold increase – Belmont and Nahant. Belmont numbers increased from 12 a year ago to 36 this year. In Nahant during the same period the increase was from 5 to 17. In Chelsea, Millis and Winthrop the increase was more than double. ForeclosuresMass.com has compiled the report.

During the first quarter of this year there were 9,114 foreclosures posting in the state’s land courts. It was a sharp rise from 6,624 noted during 2007. The president of the data-collecting firm opined that things are going from bad to worse. He put the blame on the sub-prime mortgages having floating interest. Many are not being to afford increase in rates.

This is the same picture in all the counties. Dukes and Nantucket topped the ranks where the foreclosure postings had more than doubled in a year. On 1st May a new state law took effect to help the foreclosure victims. The key point is a 90-day pause from the process of foreclosure . Previously only 30 days was given to the borrower to get his or her bearings. The time factor being permitted is very important, as it will allow the lenders and borrowers to come face to face with the problem. This was the opinion of Attorney General Martha Coakley. Another stricture is that foreclosure notices have to be filed with the state division of banks. This will allow state regulators to track foreclosures and also find out the details of failing borrowers. The foreclosure issue is being given much attention but unfortunately no tangible results have been noticed except that things are getting worse.