Foreclosure Activity Moderates In Bay State

Posted by Orb Staff on October 21, 2010 No Comments
Categories : Mortgage Servicing

The number of foreclosures started by lenders in Massachusetts in September fell 23% from the number recorded in August, dropping to 2,358 from 2,961, The Warren Group reports. A total of 20,964 foreclosure petitions – the first step in Massachusetts' foreclosure process – have been filed so far this year statewide – down 3.1% from 21,635 during the same period last year.

‘We saw more moderate activity in September, with petitions declining by almost seven percent from one year ago and down 23 percent from the preceding month of August,’ says Timothy M. Warren Jr., CEO of The Warren Group. ‘Earlier this year, petitions were rising at a dramatic clip, including months when the increases were 80 percent to 121 percent.’

Next month's report on October data will reveal the impact of Bank of America's foreclosure freeze in Massachusetts.

‘From what we can see at the present time, Bank of America is involved in about 2,000 pending foreclosure cases in the Bay State,’ Warren says.

For the first month since February, the number of foreclosure deeds fell below 1,000, totaling 890 in September. A month prior, 1,207 foreclosures were completed.

A total of 3,344 homes were foreclosed upon in the third quarter – up from 2,054 in the third quarter of 2009, The Warren Group reports. However, this is the fewest number of foreclosures recorded during any quarter this year. There were 3,449 and 3,984 deeds recorded during the first and second quarters, respectively.

‘Although foreclosure deeds increased from a year ago, this is the lowest level we've seen so far this year,’ Warren says. ‘If fewer people are losing their homes to foreclosure, that bodes well for the housing market as a whole.’

SOURCE: The Warren Group

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