FOR IMMEDIATE RELEASE
Editorial Contacts:
Aglaia Pikounis
The Warren Group
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Caitlin Mead
The Warren Group
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Mass. Foreclosure Deeds Jump In October
Foreclosure Petitions Drop By More Than 50 Percent
BOSTON, Nov. 20, 2008 – The number of foreclosure deeds recorded in Massachusetts spiked in October, but lenders filed fewer petitions to foreclose – the first step in the process, according to The Warren Group, publisher of Banker & Tradesman.
The number of foreclosure deeds recorded in October jumped 24.3 percent to 993 from 799 in September. October foreclosure deeds are also 34.4 percent higher than the 739 deeds recorded in October 2007. Foreclosure activity has eased compared to the spring and summer when the number of deeds recorded each month exceeded 1,000. Still, year-to-date foreclosure deeds have surged 67.5 percent to 10,603 from 6,332 during the first 10 months of last year.
“A lot of efforts have been made on the local, state and federal levels to help homeowners who are falling behind on mortgage payments avoid foreclosure,” said Timothy Warren Jr., CEO of The Warren Group. “The good news is that the number of foreclosure deeds appears to have moderated from the peak activity in the spring and summer and lenders have filed fewer petitions to foreclose so far this year. Prodded by community and government leaders, lenders are working more diligently to pursue loan modifications.”
Lenders initiated fewer foreclosures in October. The number of foreclosure petitions filed by lenders fell 33.3 percent to 1,507 in October from 2,258 in September. Foreclosure petitions were also down 50.8 percent from a year earlier when 3,065 petitions were filed in October 2007. A total of 18,286 petitions to foreclose have been filed during the first 10 months of the year, down 24.2 percent from 24,127 during the same months in 2007.
Urban areas continue to be most affected by the foreclosure crisis (see attached list). Worcester (76), Springfield (50), Boston’s Dorchester neighborhood (41), Brockton (37) and Lawrence (36) had the most foreclosure deeds in October.
There were 1,588 auction announcements in October, a 30.3 percent increase from 1,219 in October 2007. Year-to-date auction announcements spiked 34.1 percent to 16,870 from 12,578 last year.
Data for every city and town in the state is available by request.
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.