Foreclosures Reach All Time Highs

County officials are calling it a sign of the times: Putnam’s foreclosure actions and judgments have reached all time highs.

During a meeting of the Legislature’s Economic Development Committee last week, Legislator Dan Birmingham of Brewster, who chairs the panel, forecast a “doubling in foreclosures by year’s end. This is a sad indication of how the economy is affecting local property owners. We as a government must do all we can in making sure that the burdens of government don’t fall hardest on those who are the most vulnerable.”

Information provided by the Office of Real Property Tax Services indicated that for the first half of the year, 269 foreclosure actions had taken place across Putnam, which compares to 140 for the same period in 2008.

As the nation’s economic picture darkened this year, the monthly rate of foreclosures increased, with 21 reported in January and 47 in June.

Likewise, foreclosure judgments also increased dramatically, with 68 reported for the first six months of 2008 and 104 reported for the first half of 2009.

Legislator Dini LoBue, who also serves on the committee along with Legislator Tony Fusco, described the situation as “tragic. People are losing their homes for no fault of their own. Job losses, illness, and the high cost of living are the major factors in this sad equation.”

Fusco believes the county must begin an immediate campaign to attract “quality industry, resulting in the creation of jobs and tax relief.”

—Eric Gross