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Home Foreclosures Hit All-Time High

Home foreclosures in Massachusetts hit an all-time high for the second consecutive month, according to the web site ForeclosuresMass.com.

The new report shows an 85 percent increase in foreclosures compared to the same period last year.

The site's president, Jeremy Shapiro says there is a "perfect storm" of factors contributing to the dramatic increase, including the high number of homeowners struggling to pay controversial sub-prime loans, high heating costs and a weakening local housing market.

The month of February was the fifth straight month with over 2,000 foreclosures in the state, averaging 111 foreclosures per business day.

Currently, the Massachusetts Legislature is considering a bill that would require mortgage lenders go through the courts when trying to foreclose on homes.

This program aired on March 28, 2007. The audio for this program is not available.

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