Today the Boston Globe reported  a summary of the Warren Group's report on Massachusetts foreclosure activities.  ( http://www.boston.com/business/ticker/2008/09/mass_foreclosur_13.html?s_campaign=8299 )

 They report that "Foreclosure activity has doubled so far this year" and that there have been 7,804 filings. They also report that filings experienced a sharp drop-off in May after a new law took effect requiring lenders to allow an additional 90 days for borrowers to repay loan defaults.

 What the article doesn't comment on is what will be happening now that the extra 90 day period is expiring from all of the filings that have been waiting since May. June, July, August ... here comes the September rush? We'll have to see if there is a renewed surge in filings.

 Locally we have been spared some of the worst of this. The Warren group report indicates that Worcester had 68 filings in July alone. In the 6 towns that I cover locally there have only been a total of 65 so far this year. Woburn has been the worst hit with 23 filings, Waltham and Burlington next with 15 each, then Arlington with 5, Lexington with 4 and Bedford with only 3. I say this, not to minimize the individual suffering involved in a foreclosure, simply to point out the relative strength of our local markets.

 For anyone finding themselves in a foreclosure situation the market strength in this area should allow then to execute a short sale and walk away from the foreclosure without too much long term damage to their credit. I note on my website that short sales are roughly 10 % of the listings in Woburn and 8% of the listings in Waltham so it is clear that this route is helping many avoid foreclosure.

 Given that the May 90 day extension is expiring it is clear that more people will find themselves in difficulty before this wave has exhausted itself.  If you find yourself in such a difficult position please do not hesitate to contact me and I will provide you with professional service and support.