Massive rise in Massachusetts foreclosures

Massachusetts Foreclosure & Real Estate News

Massachusetts foreclosure deeds have tripled this year compared to the same time last year with October deeds jumping more than 100 percent, according to a report from The Warren Group Inc.

There were 731 foreclosure deeds filed in October, compared to 333 last October or a jump of 119.5 percent. Deeds in October also surpassed September of last year when 673 were filed, according to The Warren Group.

The October jump contributed to a tripling of foreclosure deeds filed in the first 10 months of the year compared to the same time period last year. In addition, The Warren Group found more petitions to foreclose were filed in Massachusetts during the first three quarters of 2007 than the all of 2006. Through October of this year, there were 6,324 foreclosure deeds filed in Massachusetts compared to 2,112 filed at the end of October 2006. There were 2,634 foreclosure deeds filed in all of 2006.

Petitions to foreclose is the first step in the foreclosure process and do not always end in actual foreclosure. Auction announcements - the mid-point of the foreclosure process -- are up 70 percent, from 700 in October 2006 to 1,190 this October. The number fell slightly from the 1,214 auctions that were announced in September 2007.

Petition data for September is the latest full month available from Massachusetts Land Court according to The Warren Group, which is the Boston-based publisher of the Banker & Tradesman.

For more information on Massachusetts foreclosures and related articles, please visit the Massachusetts Foreclosure home page.

Article Source http://boston.bizjournals.com/boston/stories/2007/12/03/daily10.html