Foreclosure Lull in Massachusetts is Temporary

ForeclosuresRI President and co-founder, Jeremy Shapiro Foreclosure filling in Massachusetts dropped 89% from April to May, but the decline was due to a change in state foreclosure procedures and not a change in market conditions. Massachusetts recently enacted a new law to protect homeowners, and one of the law's provisions includes a 90-Day period after a default on mortgage loans. In Texas the number of properties scheduled for public auction were up by double digits over the numbers listed for July 2007. Hays properties listed for this July are up 27 percent from last year but down 15 percent from last month. The biggest increase over July 2007, 61 percent, occurred in Bastrop County. There is more bad news ahead for the U.S. economy as foreclosure continue to rise. One out of every 483 households is at some stage of the foreclosure process and with that many displaced and struggling homeowners, the economic recovery of the country may take much longer than expected.

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