FOR IMMEDIATE RELEASE
Editorial Contacts:
Katie Curnutte
The Warren Group
(617) 896-5370
Mass. Foreclosure Deeds Triple in First 10 Months of Year,
According to The Warren Group
Number of Petitions to Foreclose Filed in First Three Quarter Eclipses All of 2006
BOSTON, Dec. 3, 2007 – The number of foreclosure deeds in Massachusetts so far this year has nearly tripled when compared to the same time period last year, according to the latest figures from The Warren Group, publisher of Banker & Tradesman.
Meanwhile, more petitions to foreclose were filed in Massachusetts during the first three quarters of 2007 than during all of 2006, The Warren Group said today.
Through October of this year, there were 6,324 foreclosure deeds in Massachusetts, compared to 2,112 at the end of October 2006. There were just 2,634 foreclosure deeds in the state for all of 2006.
Foreclosure deeds in the month of October jumped 119.5 percent, from 333 last year to 731 this year. Deeds are also up when compared to the 673 in September 2007.
Petitions to foreclose are the first step in the sometimes lengthy foreclosure process, and do not always end in actual foreclosure. Some homeowners eventually sell their homes, refinance or find another way to end the foreclosure process. Not all properties on which lenders begin the process actually end up being taken and sold by the lender. When they are, those transfers are recorded as foreclosure deeds. Oftentimes, the lender ends up as the owner of the property for some period of time.
Petition data for September is the latest full month available from Massachusetts Land Court.
“Lenders have apparently lost patience with borrowers, and it’s pretty clear that a lot more BayState homeowners are going to be getting a visit from the Grinch this year,” said Timothy Warren Jr., CEO of The Warren Group. “Petitions to foreclose in September might have fallen when compared to August, but I think we’ll see petitions during the rest of this year continue their steady upward march. August’s numbers were incredibly high, but we will probably see them matched before too long. Petitions may seem to have calmed a bit in September, but that is likely temporary. I think we’ll see more record-breaking numbers before the end of 2007.”
Auction announcements – the mid-point of the foreclosure process -- are up 70 percent, from 700 in October 2006 to 1,190 this October. The number fell slightly from the 1,214 auctions that were announced in September 2007.
Massachusetts Petitions to Foreclose
Jan. 2005 -Oct. 2007
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.