Foreclosures Hit Multi-Family Homes Hard
BOSTON (AP) ― The number of homeowners facing foreclosure in Massachusetts continues to rise, with owners of multi-family homes especially vulnerable.
The Warren Group, a Boston-based publisher of real estate data, said Monday that foreclosure petitions totaled more than 2,200 statewide in February. That’s up 27 percent from the same month a year earlier.
Foreclosure petitions are a first step that often leads to owners losing their homes.
Foreclosure deeds, in which the owner loses the home, more than doubled to 860 in February.
A disproportionate number of February foreclosure petitions involved two- and three-family homes. The 635 petitions for multifamily homes represented 23 percent of all petitions, but multifamily homes make up 11 percent of the state’s housing stock.
(© 2008 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
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