Are record-low interest rates masking high-cost mortgage lending?

Are record-low interest rates masking high-cost mortgage lending?

Five leading economists weigh in and the answer may surprise you

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New Foreclosures Set Record in Massachusetts

Foreclosure rates in Massachusetts continued to hit new record levels during the first quarter, a report from statewide foreclosure data provider ForeclosuresMass.com said on Wednesday. More than 9,000 properties entered into foreclosure during the quarter, a 37.6 percent increase over one year earlier, and the third consecutive record-breaking quarter. "Despite all of the attention being given to the foreclosure issue, nothing has changed," said Jeremy Shapiro, president and co-founder of ForeclosuresMass.com. "In fact, things have gotten worse." Foreclosures are up in 271 of the state's 351 communities, the company said, with 73 communities experiencing at least a 75 percent jump in foreclosure filings during the past 12 months. Overall, 32,349 homeowners faced foreclosure in the past 12 months, a statewide increase of nearly 45 percent. Q1 2008 saw 9,114 new foreclosure filings, the single highest quarter on record; the previous high was Q4 2007 with 8,579. For more details, visit http://www.foreclosuresmass.com.

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