Recent statistics unearthed by the Journal and State Sen. Jarrett Barrios’s (D-Cambridge) office show that Revere has one of the highest rates of foreclosure in the state for a city its size, and one of the highest percentages of high-interest mortgages – mortgages that often lead to foreclosure proceedings.
Some 52 percent of the mortgages currently existing in Revere were deemed high-interest, or risky, according to Barrios’s office. Also, within the last 180 days, there have been 154 foreclosures started in Revere. That makes the city the 10th highest in the state and probably the highest for a city its size.
See a more in depth article on this unfortunate trend in this week’s Journal.