Foreclosures High in Massachusetts

The US economy is in the throes of recession. As people lose jobs thick and fast, even those with considerably good credit scores are faltering on mortgage payments. Hence, foreclosures have become common. In July, around 1,200 homeowners in Massachusetts lost their homes to foreclosure. This is definitely the effect of a sluggish economy. In fact, unemployment is pushing up the number of foreclosed homes to never before highs.

As editor of Banker & Tradesman, Vincent M. Valvo, said, “Homeowners are still under duress, and the market isn’t getting any better. “We are likely to see increasing foreclosure activity for the next few months.”