SPRINGFIELD, Mass. (WWLP) – Foreclosures are up more than 150 percent in the Springfield area over the past year, Hampden County Register of Deeds Donald Ashe says. According to numbers released by Ashe’s office Wednesday morning, there were 64 foreclosure filings recorded in August of 2015, but that number rose to 132 over the same month in 2016.
Hampden County has the highest foreclosure rate in Massachusetts, with one out of every 761 homeowners dealing with a foreclosure.
In a news release sent to 22News, Ashe said that there are a few reasons for this continuing problem, including mortgage lenders processing foreclosures that have been pending for a year or more, homeowners re-defaulting after being unable to keep up with terms of anti-foreclosure programs, and continuing economic difficulties preventing people from making their mortgage payments.
“A lot of people who were out of work are back working now,” Ashe explained. “The jobs they have now are not paying as much as they did when they took out that mortgage. So inevitably they are falling behind on their payments.”
Ashe said foreclosures hurt more than just the homeowners going through them. When homes going into foreclosure can lower the value of homes nearby.