Massachusetts Foreclosure Deeds On The Rise

Posted by Orb Staff on August 31, 2010 No Comments
Categories : Mortgage Servicing

More than 1,200 foreclosures were recorded in Massachusetts in July – nearly an 80% increase from July 2009, according to The Warren Group, publisher of Banker & Tradesman. Foreclosure petitions, meanwhile, decreased by more than 20%, the firm says.

In July, 1,243 foreclosure deeds were recorded, compared to 692 in July 2009. Foreclosure deeds declined from a month ago, when there were 1,315 completed foreclosures.

Foreclosure petitions, which are the first step in the foreclosure process in Massachusetts, dropped to 2,307 in July from 2,899 in July 2009.

‘We've been seeing a trend of declining foreclosure petitions and increasing foreclosure deeds,’ says Vincent M. Valvo, group publisher and editor-in-chief of Banker & Tradesman. ‘Homeowners are still under duress, and the market isn't getting any better. With sales down and unemployment up, we are likely to see increasing foreclosure activity for the next few months.’

The number of auction announcements tracked by The Warren Group decreased for the first time this year in July. Auction announcements declined 11% to 1,787 from 2,014 in July 2009 and were also 34% lower than the 2,705 auction announcements tracked in June.

SOURCE: The Warren Group

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