Massachusetts Foreclosures Rise 128% In January
Nearly 800 foreclosure deeds were recorded in Massachusetts in January, an increase of 128 percent compared to January 2007, The Boston Globe reported February 21, 2008.
The data was provided by The Warren Group, a publisher of local real estate information.
"There were 799 foreclosure deeds in January, up 128.3 percent from the 350 deeds in January 2007, the firm said, and January 2008 also marks the highest number of deeds during any month since August 2007, when there were 1,018."
The foreclosure crisis is far from over. Petitions to foreclose, the first step in the foreclosure process, also increased in December.
"Lenders filed 2,729 petitions to foreclose in December, up 28 percent from the 2,133 filed during the previous December, said the Warren Group, which added that the December 2007 number is up slightly from the 2,723 petitions filed during November 2007."
Petitions to foreclose do not always end in an actual foreclosure because some homeowners eventually sell their homes (sometimes via a short sale), catch up with payments, refinance or find some other way to halt the foreclosure.
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