MassForeclosed.com has been merged with the Massachusetts Home Buyer Guide, which will now include the latest news and information about Massachusetts foreclosed property and Massachusetts foreclosure listings. Please be sure to update your bookmarks and subscribe to our new blog.
Lenders completed 566 foreclosures in Massachusetts in August 2012, a number that represents the
lowest monthly foreclosures so far this year, The Warren
Group, publisher of Banker & Tradesman, recently reports.
marked the third consecutive month of year-over-year foreclosure deed
decreases. It is also the fewest number of completed foreclosures in any
month since February 2011, when there were 521 foreclosure deeds
statewide. Foreclosure deeds dropped 40 percent to 566 compared to 947 in
August 2011. A total of 5,975 foreclosure deeds have been filed so far
this year, an 8.4 percent increase compared to 5,511 deeds recorded
during the same period last year.
The recent decline in completed foreclosures may
indicate a greater effort on the part of lenders to work with borrowers to find alternatives to foreclosure.
Year-over-year petitions, the first step in the foreclosure process, rose slightly in August, increasing 4.2
percent to 1,456 from 1,397 in August 2011. Petitions have increased
every month so far this year, except in July when petitions dropped 16.8
percent year-over-year. A total of 12,079 foreclosure petitions have
been initiated so far this year, up 46 percent from 8,253 petitions
filed the same period last year.
The foreclosure petition numbers seem to contradict the foreclosure deed numbers; however, lenders put the breaks on foreclosures for a while last year amidst controversy over faulty foreclosure proceedures. The uptick this year may be a result of a backlog.
The number of auction announcements in Massachusetts declined in July 2012, The Warren Group reported September 17, 2012.
Auction announcements declined 14 percent to 1,135 from 1,319 in July 2011. From January through July, 9,267 auctions have been announced, an 8 percent decline from 10,107 auctions during the same period in 2011.
The Massachusetts foreclosure disaster finally may be winding down.
A total of 1,198 foreclosures were initiated in Massachusetts in July, marking the lowest monthly level recorded so far this year, The Warren Group, publisher of Banker & Tradesman, reported September 17, 2012.
Year-over-year petitions were down almost 17 percent in July, dropping from 1,441 petitions in July 2011. This is the fewest number of foreclosure starts recorded in any month in 2012, beating January’s low of 1,333. Still, foreclosures are up 55 percent from a year ago. A total of 10,623 foreclosure petitions have been initiated so far this year, up from 6,856 petitions filed during the same period last year; however, petitions were stalled last year due to the "robo-signing" controversy and other issues.
“It appears there is a downward trend in foreclosure activity,” said The Warren Group CEO Timothy M. Warren Jr.
Foreclosure deeds, the last step in the foreclosure process, also declined to 648 in July, a 17 percent decrease from 782 in July 2011. This also marks the fewest number of completed foreclosures for any month in 2012. It is the slowest month since May 2011 when there were 571 foreclosure deeds. A total of 5,409 foreclosure deeds have been filed through July of this year, an 18.5 percent increase compared to 4,564 deeds recorded during the same period last year.
Less foreclosure starts and completions means homeowners are paying their mortgages, working out defaults or selling their homes through short sales.
Lenders filed 1,621 petitions to foreclose in March in Massachusetts, a 54.7 percent increase from 1,048 in March 2011, The Warren Group, publisher of Banker & Tradesman, reported April 26, 2012.
A total of 4,348 petitions to foreclose have been filed in Massachusetts during the first quarter, a 71.5 percent increase from 2,535 in the first quarter of last year. Petitions to foreclose represent the first step in the foreclosure process in Massachusetts.
One of the reasons for the dramatic gains is that foreclosure activity was significantly slower in 2011. A national foreclosure suit against lenders coupled with a new law extending the right-to-cure period to 150 days caused for a major slowdown in foreclosure activity.
Banks now appear focused on clearing out inventory. Foreclosure activity may continue to rise throughout the year. It should be noted that depite the increases in activity, foreclosures are below the highs of a few years ago.
Foreclosure deeds, which represent finished foreclosures, also sharply increased in March. Foreclosure deeds rose 36.5 percent to 856 in March, up from 627 in March 2011. Foreclosure deeds totaled 2,254 in the first quarter of 2012, a 34.4 percent increase from 1,677 in the first quarter of 2011.
The number of auction announcements tracked by The Warren Group fell in March compared to a year earlier. There were 1,214 auction announcements in March, a 3 percent decrease from 1,254 announcements during the same month last year. In the first three months of the year, there were 4,174 auction announcements, up 26.7 percent from 3,293 during the same period in 2011.