FOR IMMEDIATE RELEASE
Editorial Contact:
Katie Curnutte
The Warren Group
(617) 896-5370
Foreclosures in Mass. Rise 150% in 2007;
December Sees Largest Increase Since August,
According to The Warren Group
Auction Announcements More Than Double Compared With 2006
BOSTON, Jan. 23, 2008– Foreclosure deeds in Massachusetts more than doubled in 2007 when compared to 2006, and were up seven times the number of foreclosures in 2005, according to The Warren Group, publisher of Banker & Tradesman.
“The rise in foreclosure deeds fell off a little bit in October and November, but rose more than 100 percent again in December, a clear signal that this problem is far from over,” said Timothy Warren Jr., CEO of The Warren Group.
There were 7,653 foreclosure deeds in 2007, up 148 percent from the 3,086 in 2006, and up 600 percent from 1,092 in 2005. During the month of December, deeds rose 136.3 percent to 683 from the 289 filed in December 2006.
Auction announcements rose 119.3 percent from 6,659 in 2006 to 14,604 in 2007. Last year, they were up 216.1 percent from the 4,620 filed in 2005. In December, auction announcements increased 66 percent from 661 in December 2006 to 1,097 in 2007.
“Although foreclosures rose substantially over 2006 numbers, the severity of the problem becomes even more obvious when 2007 is compared with 2005, and we see that foreclosure deeds rose 600 percent,” Warren said. “Many more people will lose their homes in 2008, and regulators, mortgage lenders and lawmakers need to continue to find solutions to the problem.”
Massachusetts Foreclosure Deeds and
Auction Announcements
2005, 2006 & 2007
Data for every city and town in the state is available by request. November petitions to foreclose will be available by request this Friday.
NOTE: Foreclosure deed counts for NorfolkCounty are not available for Jan.–June 2006, so the actual number of foreclosure deeds in 2006 is slightly higher than reported above.
About The Warren Group
The Warren Group, based in Boston, is the publisher of Banker & Tradesman, The Commercial Record and a series of association publications. As the premier provider of real estate data in New England, The Warren Group offers a range of real estate products and services for professionals and consumers searching for real estate and financial information. For more information about The Warren Group, please visit www.thewarrengroup.com or call 617-428-5100.