December's Latest News

3. Foreclosures skyrocket locally
(Source: Sentinel & Enterprise)

Foreclosure rates continue to climb in Worcester County and all of Massachusetts amidst a slowing real estate market, according to two reports released this week.

The number of foreclosures initiated in Worcester County through October of this year has already far surpassed the total numbers for all of 2004 and 2005, according to figures released by ForeclosuresMass.com, which tracks the market. The same development is true statewide as more than 15,000 foreclosures had been initiated through October, the firm reports.

Additionally, the foreclosure rate in Massachusetts last month increased by nearly 300 percent compared to November 2005 -- a greater rise than those in all but one other state nationwide, according to RealtyTrac, a research firm in Irvine, Calif.

Sales of single-family homes in Worcester County dropped by more than 20 percent during this year's third quarter compared to last year. A slow real estate market is contributing to the rising foreclosure rates, analysts said this week.