Report: Many More Will Lose Homes To Foreclosure - 150 Percent Increase Reported

Breeze54

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Wed Jan-23-08 01:18 PM
Original message

Report: Many More Will Lose Homes To Foreclosure - 150 Percent Increase Reported

Report: Many More Will Lose Homes To Foreclosure

http://www.thebostonchannel.com/mostpopular/15117696/detail.html

150 Percent Increase Reported

POSTED: 8:57 am EST January 23, 2008
UPDATED: 11:54 am EST January 23, 2008

BOSTON --

As a sure sign of the severity of the decline in the Massachusetts economy and housing market,
foreclosures rose 150 percent in 2007 according to a report released Wednesday.

The report was accompanied by a prediction that many more people will lose their homes this year.

Foreclosures "more than doubled in 2007 when compared to 2006, and were up seven times the number
of foreclosures in 2005," The Warren Group said in its report.

"The severity of the problem becomes even more obvious when 2007 is compared with 2005, and we
see that foreclosure deeds rose 600 percent,� CEO Timothy Warren Jr. said.

Warren predicted that many more Massachusetts homeowners will lose their homes in 2008.
"Mortgage lenders and lawmakers need to continue to find solutions to the problem.�

There were 7,653 foreclosures in 2007, up from 3,086 in 2006.

It is, Warren said, "a clear signal that this problem is far from over.�

I drove down one back country road in my town yesterday and every other house
had a for sale sign in the front yard, one after the other. It is pretty scary.

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FourScore

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Wed Jan-23-08 01:21 PM
Response to Original message

1. Terrible!!! n/t

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bdamomma

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Wed Jan-23-08 01:22 PM
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2. it is pitchfork and torches time yet?????

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Breeze54

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Wed Jan-23-08 01:32 PM
Response to Reply #2

3. I think it has been time for quite awhile...

Edited on Wed Jan-23-08 01:33 PM by Breeze54

but maybe when the "have's" start losing their jobs too and then their houses...

....maybe they'll join us all then too.

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bdamomma

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Wed Jan-23-08 02:38 PM
Response to Reply #3

8. with this whole financial crisis I hope it bites those haves and have mores

good.:hi:

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gasperc

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Wed Jan-23-08 01:38 PM
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4. here in Michigan

we're heading into the third year, so if they edge down, we'll be screaming for joy

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Breeze54

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Wed Jan-23-08 01:42 PM
Response to Reply #4

5. Same here....

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KharmaTrain

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Wed Jan-23-08 01:42 PM
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6. Add Other Factors To This Cycle...

That figure assumes things either stay the same or improve in the markets. That doesn't take into account the many tottering on the edge due to rising rates, loss of job, increase expenses, credit card debt/default and other affects that this recession/depression is having on the middle class. As the banks continue to freak out, look for them to call in more loans and attempt to tighten credit to make their cash go further...staving off the new rash of foreclosures and bad loans.

Yep, this problem is just starting...we've gone over the greed abyss.

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Breeze54

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Wed Jan-23-08 01:49 PM
Response to Reply #6

7. I'm pretty sure this group did research and included that info in this report

Our History

http://www.thewarrengroup.com/portal/AboutUs/History/tabid/226/Default.aspx

snip-->

What began as a small excursion of real estate reporting has become the vanguard
for New England Real Estate and Financial Information. The Warren Group continues
its assurance of comprehensive news and accurate data - a promise that�s 136 years
strong and not a second out of date.

http://www.thewarrengroup.com/portal/PressRoom/Statistics/tabid/198/Default.aspx

Massachusetts - Percent change of sales, Jan. 2006-Sept. 2007

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