Next time someone says they want to “help” those facing foreclosures, they should stipulate it’s really only going to be “temporary help” that delays the day of reckoning, as the latest foreclosure numbers in Massachusetts show beyond doubt. From WBUR:
New numbers show a big jump in foreclosure activity in Massachusetts, our Newscast unit reports this morning.
The firm RealtyTrac Inc. says foreclosure activity was up 26 percent in the first quarter of this year, compared to the same period in 2011.
That significant percentage jump is, in large part, due to delays in processing foreclosures in early 2011, according to Daren Blomquist, a firm vice president.
“So it’s kind of the unintended consequence of this intervention in the foreclosure process to try to prevent foreclosures is unfortunately resulting in now these increases that we’re seeing this year,” Blomquist told Newscast.
The best thing we could have done was to simply get the foreclosure mess over with as soon as possible. But we didn’t. So the housing crisis will be needlessly dragged out longer. Isn’t that great?
File under: Unintended Consequences, indeed