Massachusetts foreclosure activity increased on a month-over-month basis in October for the first time in more than a year, The Warren Group, publisher of Banker & Tradesman, reported November 22, 2011.
In October, foreclosure petitions, the first step in the foreclosure process in Massachusetts, increased 5.9 percent, rising to 1,193 from 1,127 in October 2010. It's the fourth consecutive month of more than 1,000 foreclosure petitions. A total of 10,610 foreclosure petitions have been initiated through October this year, down nearly 52 percent from 22,091 petitions filed during the same period last year.
Foreclosure activity has been suppressed for much of the past year as lenders slowed public filings to review procedures for documenting foreclosures. In the aftermath of several court cases, lenders have more cautiously foreclosed on homwowners.
Lenders recorded a total of 756 foreclosure deeds, the final step in the foreclosure process, in October, a 35.7 percent increase from 557 during October 2010. A total of 6,963 foreclosure deeds have been filed through October 2011, a 39 percent decrease compared to 11,334 deeds recorded during the same period last year.
Comments