The rate of foreclosures is up more than 100% across most parts of Massachusetts this year as compared to last year. And, the rate of increase in foreclosure is higher on Cape Cod than in any other county in the state. As of the end of May, 261 foreclosure deeds had been filed in Barnstable County, a 175% percent increase over this time last year. Statewide, foreclosures are up an average of 140%.

Across the state, fewer foreclosure filing were started in May of this year as compared to last year. However, this drop off is considered temporary due to a new state law which took effect on May 1st. Legislation that was passed last fall requires lenders to give struggling homeowner 90 days before they can file a notice of foreclose.

The foreclosure crisis is expected to continue as real estate values have dropped sharply, and homeowners who are now facing foreclosure are finding it almost impossible to sell their homes for a price high enough to pay off the outstanding mortgage balance. In addition, the tight credit market makes refinancing difficult for these homeowners.

The increase in foreclosure deeds, by county, comparing the first five months of 2008 and 2007:

• Barnstable County: up 175 percent
• Suffolk County: up 172 percent
• Essex County: up 163 percent
• Plymouth County: up 152 percent
• Middlesex County: up 144 percent
• Statewide: up 140 percent
• Worcester County: up 136 percent
• Bristol County: up 129 percent
• Hampden County: up 106 percent
• Norfolk County: up 101 percent
• Hampshire County: up 100 percent
• Berkshire County: up 90 percent
• Franklin County: up 28 percent
• Dukes County: up 0 percent
• Nantucket County: up 0 percent