Home foreclosures double in May (MASS)

Boston Globe ^ | 6-26-06 | Kimberly Blanton

[Hydroshock]

ForeclosuresMass.com said today that May foreclosure filings against Massachusetts homeowners have more than doubled, a trend that is accelerating as the housing market slows and mortgage rates increase.

ForeclosuresMass.com, which tracks monthly filings by financial institutions against homeowners in the state's Land Court, said there were 1,613 filings last month, compared with 788 in May 2005.

"That's over 50 a day every day of the month," said Derek Beckwith, spokesman.

The biggest increases occurred in Barnstable County on Cape Cod, 96 in May 2006, up from 32 in May 2005; Suffolk County, 171, up from 71; and Bristol County, 143, up from 64.

[Brilliant]

Well, but the good news is that while they might not have a home, they at least have health care!

[kjo]

Gee, now the state government can raise taxes again.

[Gay State Conservative]

Massachusetts is one of only three states that's *losing* population.Our unemployment rate,which for about 10 years was *consistently* below the national rate is now above the national rate.

And yet it's easy to find "fixer-uppers" in Greater Boston that have an asking price of $750K.

[2banana]

Seems as if no one can afford socialism...

[SouthernBoyupNorth]

750K for a fixer upper?
Sweet Jesus! I am so glad I didn't take that job at Raytheon.

[D-Chivas]

Looks like the "rich" liberals don't want to pay their mortgages.

[Hydroshock]

I have inlaws there, they are not all rich. The buzz they hear is soem employers are leaving. My FIL's employer, a small accounting firm, has moved 5 miles north into NH to escape the health insurance decree.

[woodbutcher1963]

THe problem is when they move up to NH they want to bring their liberal politics and bigger govt. with them. Live Free or Die.

[Gay State Conservative]

Yup,three quarters of a mil.And as for Rayheon,they're *always* having layoffs there so it's a great place to work if you're the kind who enjoys Russian Roulette.

Here's a link to a fixer-upper like I described that I found just yesterday.

http://www.newenglandmoves.com/Listings/SingleFamily_Non_NewEnglandMoves.htm?id=1010595401

[Gay State Conservative]

THe problem is when they move up to NH they want to bring their liberal politics and bigger govt. with them. Live Free or Die.

Mark my words....thanks to the invasion from the south,NH will be solid,*solid* blue within ten years.

Maybe even five.

[Jesyca]

It's clearly time for another tax increase!

[Suzy Quzy]

Mitt Romney is going pay for this!!!

[pabianice]

So, rounding-out, for every one percent absolute increase in the mortgage rate, half of MA interest-only mortgages go under. Ouch.