Forecast Predicts 15 to 25 Percent Jump in Massachusetts Foreclosure Filings

ForeclosuresMass.com, a statewide provider foreclosure data for investors, real estate professionals and mortgage brokers, said Thursday that it expects foreclosures in the states to increase by as much as 25 percent during 2008.

“2007 was the worst year in history for Massachusetts homeowners, and our forecast for 2008 is even gloomier,” said Jeremy Shapiro, president and co-founder of ForeclosuresMass.com. “2007 ended with two consecutive record quarters, and the surge is continuing this year, making it nearly impossible for regulators to act in time. Homeowners facing foreclosure should not wait for a miracle cure, they should work closely with professionals experienced in dealing with pre-foreclosure situations – time is not a resource.”

During March, foreclosures are up in 282 of the state’s 351 communities, according to ForeclosuresMass; 74 communities experienced at least a 75 percent jump in foreclosure filings during the past 12 months, Shapiro said. Overall, 31,516 homeowners faced foreclosure in the past 12 months, a statewide increase of 45.6 percent.

“Based on the latest Massachusetts data and our extensive knowledge of foreclosure trends, coupled with other national reports and Federal Reserve Chairman Ben Bernanke’s comments earlier this month, ForeclosuresMass.com projects that 2008 Massachusetts foreclosure filings will surpass 2007 levels by 15 to 25 percent, and that at least 34,500 additional Massachusetts homeowners will enter the foreclosure process,” said Shapiro.

Lenders initiated 31,516 foreclosures statewide against homeowners in the 12 months from March 1, 2007 to February 29, 2008, a year-over-year increase of 45.60 percent. February saw 2,861 filings — the 4th highest month on record — representing nearly a 29 percent above February 2007 levels, according to data released by the firm.

For more information, visit http://www.foreclosuresmass.com.