Massachusetts Foreclosure Inventory Approaching Record Levels

As Massachusetts’ foreclosure rate continues to rise, more and more communities outside of major metropolitan areas are starting to see the soaring levels of foreclosure that bigger cities have been experiencing around the country for years.

The city that perhaps best exemplifies this trend is Lynn, a small community 25 miles north of Boston, where foreclosures have increased 84% in the past year alone. Lynn has experienced nearly 1,000 foreclosures in the past year, a startling figure for a town of only 95,000 residents.

Out of the 351 cities and towns in Massachusetts, 282 have seen a drastic increase in foreclosure over the past year, and as January and February each saw increased of nearly 30% in the rate of foreclosure in most of these areas, the trend is expected to take the Bay State to near record levels of foreclosure in 2008. Experts are currently estimating that roughly 37,000 properties could go into foreclosure at some point during 2008, and while not all of them will be sold off, the number is still startling.

Suffolk County, which contains a great deal of the metropolitan Boston area, saw an increase of 65% from 2007 to 2008, showing that the city still maintains a high rate of foreclosure despite efforts to provide counseling and prevention assistance to homeowners in default.

Related Links:

• Suffolk Foreclosure Homes
• Worcester Foreclosure Homes
• Massachusetts Foreclosure Homes
• Foreclosures

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