ForeclosuresMass.com Report: January Foreclosure Filings Hit New High in Massachusetts, Flood of New Foreclosures Expected in 2007

FRAMINGHAM, Mass.--(BUSINESS WIRE)--ForeclosuresMass.com, the leading provider of Massachusetts foreclosure data for investors, real estate professionals and mortgage brokers, released its February Massachusetts Market Analysis Report today, with data revealing that foreclosure filings in Massachusetts continue to escalate at a record-setting pace and reached a new high in January. The report shows that 2,207 foreclosures were initiated statewide during January 2007, more than double the number recorded in January 2006. Lenders initiated foreclosure proceedings against 20,618 homeowners over the past 12 months, representing a 77 percent increase over the same period a year earlier. ForeclosuresMass.com provides the most comprehensive and accurate statistical analysis of foreclosure rates in Massachusetts.

“The fact that we are starting the year with the highest number of foreclosure filings we’ve ever recorded for a single month is more than significant – it’s ominous.”

“The flood of foreclosures in Massachusetts is not only continuing, it has reached a new high. 2006 was a record-breaking year, and our latest data indicates that 2007 may be even worse,” said Jeremy Shapiro, president and co-founder of ForeclosuresMass.com. “The fact that we are starting the year with the highest number of foreclosure filings we’ve ever recorded for a single month is more than significant – it’s ominous.”

ForeclosuresMass.com continues to attribute the increase to a “perfect storm” of factors. The pressures put on property owners include rising interest rates over the past few years, an increase in sub-prime and other ‘exotic’ loans, the affect of adjustable rate mortgages, rising home heating costs, substantially increased gasoline prices, and the slumping Massachusetts housing market, which leaves homeowners trapped in houses they cannot afford.

Shapiro urged homeowners in jeopardy of falling behind in mortgage payments to seek immediate help and guidance. In addition to understanding their rights, homeowners should keep in contact with their mortgage lenders and seek help from real estate, investment and mortgage professionals experienced in dealing with foreclosure situations.

Highlights of the ForeclosuresMass.com February 2007 Market Analysis Report include:

2,207 foreclosures were initiated in Massachusetts in January 2007:

Foreclosures more than doubled in January 2007 compared to January 2006. The increase statewide was 105.11% (2,207 v. 1.076).
On average, there were 110 foreclosure filings every business day in January.
January 2007 had more foreclosure filings than any single month since ForeclosuresMass.com began collecting data.

20,618 foreclosures were initiated in the past 12 months (Feb. 1, 2006 through Jan. 31, 2007):

Foreclosures increased 76.98% statewide when comparing the past 12 months to the same period a year earlier (20,618 v. 11,650).
Bristol, Barnstable and Worcester Counties experienced the largest increases. Bristol County saw a 93.74% increase (1,982 v. 1,023), Barnstable County levels were 93.68% higher (980 v. 506) and Worcester County had an 87.33% increase (3,194 v. 1,705). Suffolk County had the 4^th highest rate of increase (82.41%, 2,209 v. 1,211).
Every County except Nantucket saw substantial increases.
In communities with 50 or more foreclosure filings over the past 12 months, the biggest increases were in the town of Dartmouth (264% increase, 80 v. 22), the town of Westport (194% increase, 53 v. 18), the city of Everett (193% increase, 132 v. 45), the city of Lowell (158% increase, 559 v. 217) and the town of North Andover (138%, 57 v. 24).
In communities with 10 to 49 foreclosure filings over the past 12 months, the largest increases were in Granby (333% increase, 13 v. 3), Adams (300%, 24 v. 6), Lancaster (300% increase, 32 v. 8), Westborough (300% increase, 32 v. 8), and Orleans (275% increase, 15 v. 4).

For a full copy of the report, visit www.ForeclosuresMass.com and click the “media inquiries” link at the bottom of the homepage.

Through its website, www.ForeclosuresMass.com, subscribers gain immediate access to the most current and detailed foreclosure information available in the marketplace. Previously this data has been available only to brokers, investment professionals, or those able to do the time-consuming research.

ForeclosuresMass.com was founded to take the "distress" out of purchasing distressed properties. Often, ForeclosuresMass.com subscribers learn of properties weeks or months before public notices are issued and are able to purchase a property long before it reaches auction stage, providing a “win-win” outcome for both property owner and new buyer. By giving homebuyers, investors and brokers direct access to the most up-to-date foreclosure data available, ForeclosuresMass.com subscribers are able to move quickly to identify and leverage opportunities.

About ForeclosuresMass.com

Founded in 2003, ForeclosuresMass.com is the industry leader in providing online Massachusetts foreclosure data to investors, consumer homebuyers, bankruptcy and real estate counsel, mortgage originators, real estate agents and lenders. Its rich website offers unique value especially to investors, assisting buyers in acquiring reliable advance data on the availability of foreclosure properties. ForeclosuresMass.com educational programs provide hands-on advice, practical information, market analysis and a step-by-step process for creating successful opportunities for property owners and investors. Since 2003, over 52,000 Massachusetts foreclosed properties have been posted on the company's website. Visit www.ForeclosuresMass.com for more information.