More than 1,400 foreclosures were initiated in Massachusetts in July, the highest monthly level recorded so far this year, but were down on a year-over-year basis, The Warren Group, publisher of Banker & Tradesman, reported August 31, 2011.
Year-over-year foreclosure petitions, the first step in the foreclosure process in Massachusetts, were down in July, dropping 38 percent to 1,441 from 2,307 in July 2010; however, July marked the highest number of foreclosure starts since September, when there were 2,358 petitions filed. A total of 6,856 foreclosure petitions have been initiated through July of this year, down 56 percent from 15,645 petitions filed the same period last year.
The increase in foreclosure petitions may mean lenders finally are accelerating the process. Many experts believe the housing market cannot fully recover until the majority of foreclosures are sold.
Foreclosure deeds, the final step in the foreclosure process, also dropped to 775 in July, a 38 percent decrease from 1,247 in July 2010. A total of 4,530 foreclosure deeds have been filed so far this year, a 48 percent decrease compared to 8,680 deeds recorded during the same period last year.