No quarter for renters as housing woes grow

Report shows foreclosures on multifamily homes forcing tenants out

BOSTON. Foreclosures in Massachusetts reached another peak through the first quarter of 2008, and renters who live in multifamily homes are starting to feel the crunch, according to a pair of reports released yesterday.

A total of 9,114 lenders started foreclosure action from Jan. 1 through March 31 of this year, a 37.6 percent increase from the first quarter of 2007. The total for the quarter is the fourth-highest on record, according to ForeclosuresMass.com.

Additionally, a study released yesterday by the National Low Income Housing Coalition showed that 34 percent of the properties under foreclosure in the Commonwealth are multi-family homes, leaving those living in 7,295 rental units in dire straits.

“Despite all of the attention being given to the foreclosure issue, nothing has changed. In fact, things have gotten worse,” said ForeclosuresMass.com President Jeremy Shapiro.

A closer look at the numbers can leave one staggered.

In the year from April 1, 2007 to March 31, 2008, 32,349 foreclosures were initiated in Massachusetts, an increase of nearly 45 percent.

Of the state’s 351 communities, 271 have seen an increase in filings over the last year, with 73 experiencing at least a 75 percent surge.

Suffolk County ranks third with a 63.2 percent increase in that span.

A silver lining may be found in a third report released yesterday that cited the Northeast as the only region in the country to see a jump in its Pending Home Sales Index (PHSI).

The PHSI, an indication of real estate contracts signed in March, increased 12.5 percent in the Northeast.

All other regions of the country saw a slip.