The real news, though, is foreclosure activity, as measured by initial foreclosure notices staring the process, is exploding.
By Daniel at 23 October, 2009, 7:37 pm
It might even set a new record before the year is done.
Buried and given little attention in most of the stories on the report was a telling fact.
Foreclosure petitions were up more than 5 percent from August and nearly 12 percent from September, 2008.
The total number for September was 2,527. If that number were to increase to 3,000 a month for the remainder of the year, it would likely set a new record, said Tim Warren, chief executive of the Warren Group.
That honor is held by 2007, which, at the height of the subprime market meltdown, saw 29,500 foreclosure petitions filed in the Bay State.
So far this year we are at 21,600 and counting.
So what’s driving the increase in foreclosure petitions?
It’s not homeowners stuck with goofy subprime loans, many of whom have already lost it all.
Right now, according to most to the analysts that have looked at these numbers, they are rising in lockstep with the unemployment rate.
And, at the least, that ensures there will still be lots of downward pressure on sales and prices for some time to come.
- GOC
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