Policy
MHP News
MHP maps foreclosures, loan resets
March 10, 2008
BOSTON --- For the last year, MHP has compiled maps illustrating what communities are experiencing higher rates of foreclosures. Most recently, MHP has posted maps indicating foreclosure patterns in Framingham and Fall River.
MHP has also done maps Worcester and Lawrence that show households who will have their loans reset to higher interest rates in the next three years.
The reset maps were created by MHP to help the Patrick Administration develop foreclosure strategies. Reset maps are useful in identifying homeowners who can make their payments now but are facing unaffordable rate increases.
To view the Lawrence reset maps, click here.
To view the Worcester reset maps, click here.
Statewide map illustrates impact
Using data from the Warren Group, MHP has compiled maps of several cities to show where foreclosure strategies may be needed the most. The data spans from December 15, 2005 to June 30, 2007.
The statewide map shows all 351 cities and towns in the Commonwealth and their rate of foreclosure versus the state’s median of eight foreclosure notices per 1,000 households. Using this measure, Lawrence ranked first with the highest rate of foreclosures, followed by Brockton. To look at the statewide map and a list of the top 20 most impacted communities, click here.
Individual city maps
The city maps show where foreclosure notices, auctions and sales have occurred. This data is useful in determining what homeowners can still be reached (those receiving notices) versus what properties may already be in or headed toward foreclosure.
Here is a list of individual city maps that can be viewed:
Fall River (NEW)
Framingham (NEW)
MHP recently held a homeownership summit in Worcester to better understand the local perspective. The discussion centered on five areas of foreclosure prevention: prevention, helping delinquent borrowers or those who are about to see their interest rates go up; addressing those in foreclosure; acquiring foreclosed properties and possible strategies to combat neighborhood deterioration brought on by concentrated foreclosures.
MHP’s research is part of the Patrick Administration’s ongoing efforts to respond to the foreclosure situation. Earlier this summer, the Patrick Administration unveiled a $250 million program to help troubled borrowers out of sub-prime loans. This fall, MHP funded a new web site that will serve as a central listing for affordable homes for sale in the Commonwealth, thereby making it easier for new homebuyers to find a home they can afford. To view the web site, called Massachusetts Affordable Homes Lotteries, click here.
For more information, contact MHP’s Callie Clark, at 617-330-9944 x336.
