Massachusetts Petitions to Foreclose Continue Rising in July; Auction Announcements More Than Double, According to The Warren Group. Year-to-Date Auction Announcements Up 165 Percent.
BOSTON, Aug. 29, 2007 – Petitions to foreclose and auction announcements in Massachusetts rose again in July. This was the 18th month in a row that announcements have risen compared to year-before numbers, according to The Warren Group, publisher of Banker & Tradesman.
There were 2,185 petitions to foreclose filed in Massachusetts Land Court in July, up 66.5 percent from the 1,312 filed in July 2006. During the first seven months of the 2007, 15,130 petitions have been filed, an increase of 66.5 percent compared to the 9,089 filed at the same time last year.
Auction announcements rose 130.2 percent, from 490 in July 2006 to 1,128 in July 2007. Year-to-date announcements are up 165 percent from 3,287 during the first seven months of 2006 to 8,711 this year.
Petitions to foreclose are the first step in the foreclosure process, and do not always end in actual foreclosure. Some homeowners eventually sell their homes or refinance. Announcements are placed in newspapers to advertise a scheduled auction, but are not a final count of actual foreclosure auctions. Some homeowners sell their homes before the auction happens.
“July held more of the same for Massachusetts homeowners,” said Timothy Warren, CEO of The Warren Group. “More people are having trouble paying their mortgages, likely because rates on many are resetting, and more of those people who get into trouble are having a hard time getting out. They are finding it more difficult to refinance or to sell, so more foreclosures are making it to the auction process.”
Data for every county, 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.
Editorial Contacts:
Katie Curnutte
The Warren Group
280 Summer St.
Boston, MA 02210
(617) 428-5100
kcurnutte@thewarrengroup.com