Foreclosure Filings Hit Record High in MA.

ForeclosuresMass.com, a provider of Massachusetts foreclosure data for investors, real estate professionals and mortgage brokers, released its March Massachusetts Market Analysis Report recently, with data revealing that foreclosure filings continue to escalate at a record-setting pace and reached a new high in February.

The report shows that 2,227 foreclosures were initiated statewide during February, 85% more than the number recorded in February 2006. Over the past 12 months, lenders initiated foreclosure proceedings against 21,644 homeowners, representing an 82% increase over the same period a year earlier.

"While lawmakers at the federal and state level are looking into ways to protect homeowners, the fact is that foreclosure filings have and will continue at astronomical levels well into 2007," said Jeremy Shapiro, president and co-founder of ForeclosuresMass.com.

"ForeclosuresMass.com has been calling attention to this issue for years and while we applaud steps to protect homeowners, it is evident that there is no quick fix."

ForeclosuresMass.com attributes the foreclosure increase to a "perfect storm" of factors. The pressures put on property owners include rising interest rates ...