a dog-eared town

There’s no bubble in real estate, except for the foreclosures that seem to be going on, at least thats whatthis Boston Herald story says.

The city as a whole has experienced a 37 percent increase over 2004, to 441 from 323. Statewide, there has been a 30 percent increase, to 5,475 from 4,279.

Wow. A THIRTY percent increase in foreclosures. No wait, I already know the answer to that. But it’s ONLY 5,000 foreclosures.

Yeah, and there’s at least 10,000 people that are now not living at home and don’t know where to go.

But don’t worry, it’s only affecting the right kind of person.

Jeremy Shapiro, president of ForeclosuresMass Corp., whose company compiles data on Boston, said Langford’s situation is not uncommon. Homeowners who have lost jobs, refinanced, or signed up for high-interest subprime loans are particularly vulnerable, he said.
“Foreclosures don’t usually happen to people who have had mortgages for 20 years,” he said.

I’m so glad that the 30% of mortgages are now sub-prime. Oh wait, that’s not going to be a good thing. So, with interest rates at this point and looking like they’ll continue high, what’s the foreclosure rate going to be in another 6 months?

Bueller?