Massachusetts foreclosure activity spiked in January, posting double digit increases in both foreclosures initiated and completed foreclosures, The Warren Group, publisher of Banker & Tradesman, reported March 1, 2012.
The number of foreclosure petitions statewide increased more than 68 percent, rising to 1,333 from 793 in January 2011. Foreclosure petitions, which mark the first step in the foreclosure process in Massachusetts, had declined in all but two months in 2011.
Foreclosure activity slowed throughout much of 2011 as banks worked through legal and documentation issues. By contrast, 1,873 and 1,960 foreclosure petitions were filed in January 2010 and 2009, respectively. Foreclosure petitions in January rose in every county in Massachusetts. January petitions were 32 percent higher than the number filed in December and were at the highest level since August 2011.
In January, there were 662 foreclosure deeds filed statewide, a 25 percent increase from 529 deeds recorded in January 2011. Foreclosure deeds represent completed foreclosures. This is the fewest number of deeds statewide since May, when 571 foreclosures were completed.