The South Coast Today reports from Massachusetts. "The shakeout continues in the housing market in SouthCoast and throughout Massachusetts, as many owners, mortgaged to the hilt, face foreclosure at a rate double that of a year ago, which was in some communities double the year before that."

"'I don't see homes in the $250,000 range falling 30 percent. They'll fall 10 percent, and they've already fallen,' said Patrick Sullivan, CEO of Sovereign Bank. 'But you're going to see a hit in the upper market, with homes in the $700,000 to $800,000 range falling 150 grand,' he said."

"Roger Stanford, an attorney in New Bedford who handles many bankruptcies, said the rate of foreclosures he is seeing 'has tripled, easily' since last spring, when there were dire predictions about a tidal wave of adjustable rate mortgages being recalculated, always recalculated upward. That wave has indeed materialized."

"The Standard-Times legal advertising volume for foreclosure auctions has doubled over last year, with a dozen properties listed on any given day."

"The reasons differ from place to place, said Mr. Stanford. In the cities, many people bought multi-family homes as investment properties at inflated prices. In the suburbs, many people refinanced to draw out so much cash that they can't keep up the payments when a point or two is added by their adjustable rate mortgages."

"Mr. Sullivan said 'a lot of people have overpaid for multifamily houses in traditional cities. And they've really overpaid. In many cases they've gotten their mortgages from sub-prime lenders. They didn't get them from the banks. And if there is any kind of movement in adjustable rates, or if there's a loss of a tenant, they're in trouble.'"

"Mr. Stanford said, 'Part of the problem is all these new mortgage products out there, especially one called an 80-20 mortgage. They're horrible, just horrible. You've got no equity, so when the property goes down in value, you're upside down right out of the box.'"

"'I've had a number of cases where people are walking away from houses,' Mr. Stanford said. 'The trouble is, if they owe $220,000 and it's auctioned for $180,000, they still owe $40,000.'"

The Boston Globe. "As the housing market cooled, foreclosure filings rose 40 percent in Massachusetts, from 10,026 in fiscal 2005 to 14,079 in fiscal 2006, said court officials. There were 4,930 filings in the first quarter of fiscal 2007, indicating that the pace has quickened."

"'I don't want you to say we're overwhelmed,' said Deborah Patterson , recorder for the Land Court. 'It is strained, certainly.'"

The Boston Herald. "Today marks the start of the holiday shopping season, but it’s also the end of the fall real estate season, leaving would-be sellers like Fran Adams in a bind. The quandary: Whether to leave unsold properties on the market all winter, or pull up 'For Sale' signs and start again next spring."

"'It’s a tough question, said Adams, a real estate agent who’s trying to sell a $419,000 West Roxbury Colonial. 'The longer a property sits unsold, the greater the chance a buyer will offer less. But if you take the place off of the market, there’s always the risk that you’ll miss the buyer.'"

"With the Bay State housing market in a funk, thousands of would-be sellers face Adams’ dilemma this post-Thanksgiving weekend. According to the MLS Property Information Network, there are currently 44,817 unsold houses and condos on the Massachusetts market, up 15 percent from this time last year."

"Unfortunately for would-be sellers, the market is entering the year’s slowest period. For sellers, few want to keep homes sparkling clean during the holidays, and often figure they’ll get a better price in spring anyway."

"Agents add that keeping a house on the market all winter long can make a property look defective or the seller seem desperate. That can attract 'low-ball' bidders, not just in winter, but also the next spring."