In the last four years, Boston has seen a steep run-up in foreclosures. From an all time low of 25 in 2004, to 60 in 2005, up to 261 in 2006, and up to 703 in 2007.
Final stats are not in for 2008, but projections for Boston will hit 1,891 foreclosures by the end 2008 – higher than the peak of foreclosures in the 1992 recession.
One bit of good news is that Massachusetts and Boston are not doing badly in the current economic downturn nationally. The state’s foreclosure rate is half the average rate for the rest of the nation.