Foreclosures on Rise

Foreclosures on Rise

The towns of Milford and Metrowest area have not been able to keep themselves away from the mortgage crisis. Milford has reported a foreclosure count of 90 since January this year. There were about 42 foreclosures in 2007 which was only 15 in 2006. This year the situation is all the more worse. Amy Hennessy Neves, Milford Town Clerk has reported with a 2,448 vacancy listings in Milford Town this year. This has hit hard the real estate of this town. A large number of vacant homes can be seen in and around the town.

The increasing rate of foreclosures has led to another big problem.

The homeowners who are leaving their homes with floors in bad condition or with some other kind of damage are standing as a great threat to the neighbors. The city has to continuously keep track of the homes with such a problem and mark them with a large X as a sign of danger. About 9 homes in Milford town have reported with a foreclosure filing in June which was 17 in May and 10 in April.

There have been a total of about 77 to 90 foreclosures in Marlborough since January. It was 34 in 2006. Doreen Cedrone, Northbridge Town Clerk has reported about 500 vacant homes in her community with a total of 4,562 residential buildings.

The number of vacancies in Northbridge this year is much more when compared to the figure last year. The city officials are on their move to find out all the illegal apartments in the real estate. The city can also hold on the matter of selling a foreclosed home till the repair works are done. In case the new homeowners fail to do the repairs, then they will be subjected to fines that can amount to several hundred dollars.

The exception is the Millis Town with about 8,167 residents. The homes there are still being sold. The Stoney Brook Village Apartments are nearly full. There are only eight vacancies out of the total 200 units. About 174 homes in Millis have been reported to be vacant out of the total 3,200 homes. Franklin Town has been reported with 9 foreclosed homes from January to June, 2008.

However, according to Pellegri, town clerk of Franklin, the number of vacancies in Franklin is 778. The Hopedale Town has shown about 252 vacancies with total residences of 2,500.

It is very difficult to say that when the problem of foreclosure will come to a controllable situation.

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