Thursday, December 08, 2005

Globe: MA Foreclosures up 35%

This isn't good.

The number of foreclosures filed through Oct. 31 was 9,459, compared with 7,003 in the same 10-month period last year, the report said. Essex County had the largest increase, at 50 percent.

Adjustable-rate and interest-only loans, which are riskier than traditional fixed-rate loans, are partly to blame. They've become popular because they cost less up front, but they require higher payments typically after a year or two.

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