The number of foreclosure deeds filed in August was the highest of any month this year in Massachusetts, with more than 900 foreclosures completed, but was less than August 2010, the Patriot Ledger reported September 30, 2011
The Warren Group, publisher of Banker & Tradesman, released the data on foreclosure activity. The report shows an upward trend in Massachusetts foreclosures when comparing month-to-month figures, a trend that started in November 2010.
Completed foreclosures are still well below last year’s levels. The 937 foreclosure deeds recorded in August represented a 22 percent decline from August 2010.
Many big lenders slowed down the foreclosure process last year after a sandal broker regarding the proper signing of documents. After getting a handle on that issue, lenders seem to be ramping up efforts to move forward on seizing homes from homeowners not paying their home loans.
The good news for homeowners and the Massachusetts housing market is that the number of loans entering the foreclosure pipeline seems to be subsiding. Foreclosure petitions, the first step in the foreclosure process, decreased to 1,397 last month, down 53 percent from August 2010 levels. That’s fairly consistent with the year-to-date figure of 55 percent below last year's foreclosure petitions.
Some neighborhoods will be dealing with foreclosures for a couple of more years, but the worst of the Massachusetts foreclosure crisis seems to be in the rear view mirror.
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