January 14, 2006
Foreclosure filings sharply increase
Massachusetts saw a rise of 34 percent in foreclosure filings last year as compared to the previous year. And the worst part is that many first-time homeowners also had to undergo this traumatizing experience.
For those interested in figures, the number of foreclosure filings through November was nearly 10,500. These figures are from the website ForeClosuresMass.com. The site states that the number of foreclosure filings in Essex County rose by 49, and other counties like Suffolk, Plymouth, and Bristol saw filings rise by more than 42 percent.
So, what is the reason for this sudden increase? According to the Office of Federal Housing Enterprise Oversight, one important reason is the sharp rise in prices of real estate. In some places, prices have risen by $100,000 in the past five years.
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