EXTRA...

Cape forclosures triple in year; New auto insurance rates vary wildly

Foreclosures in Mass. surge to 6,258 this year
Cape Cod hit hardest with over 3 times as many as 06

The biggest increase was in Barnstable County which had 268 through October, compared with 78 in the prior year.Lenders have seized 6,258 homes in foreclosure so far this year in Massachusetts, triple the number lost by delinquent homeowners over the same period in 2006, according to data released yesterday.  August was a peak month in the ongoing foreclosure crisis. According to Warren Group, a real estate data provider and publisher, lenders seized a record 1,018 properties in August, and initiated 3,115 new foreclosure proceedings against homeowners, also a record.

Since then, 673 properties were seized by lenders in September, and 731 in October. The drop in seizures since August, however, does not mean the foreclosure crisis is abating, said Alan Pasnik, Warren's senior analyst.  "There's a whole set of new adjustable-rate mortgages that are going to kick into their high rates next year and the year after," he said. Those higher rates will trigger larger monthly mortgage payments, making it likely that many more homeowners will have more trouble paying their mortgages, he said...  Globe.  
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Drivers advised to compare with care
Under competition, rates to vary widely in car insurance policies

"Looks to me like they might get motivated to shop around."
- Commissioner BurnesIn this new era of Massachusetts auto insurance, one thing is becoming clear: Drivers should compare policies, because rates and features are going to vary widely from company to company.  Insurance Commissioner Nonnie S. Burnes yesterday released an analysis of rate filings by the state's five biggest automobile insurers that showed a wide disparity in rates for good drivers across the state.

For example, the analysis showed that two experienced Roxbury drivers, one with a speeding violation 18 months ago, could be offered an overall 34 percent reduction on their premium from Liberty Mutual of Boston but a 5 percent increase from MetLife & Home of Warwick, R.I... 

Most insurers also are offering improved coverage for repairs and replacement vehicles and discounts that reward longtime customers and those who purchase a homeowner's, condo, or renter's insurance policy from the company. Commerce Insurance of Webster is even offering a discount on auto insurance to consumers who insure their home with the Massachusetts Fair Plan, the state's home insurer of last resort and a major writer on Cape Cod...  Globe.  
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$750K in economic development funds for Cape, Islands

Tenth District Congressman William Delahunt recently announced that Cape and Islands Community Development Inc. will receive $750,000 in economic development funds from the United States Department of Agriculture...

These funds are part of the USDA's Intermediary Relending Program (IRP). The purpose of this program is to increase economic activity and employment in rural communities. Under the IRP program, loans are provided to local organizations (intermediaries) for the establishment of revolving loan funds...   Martha's Vineyard Times.