Boston, Nov. 4, 2014-Foreclosure petition activity increased statewide in September, marking the seventh consecutive month of year-over-year increases in the Bay State, according to The Warren Group, publisher of Banker & Tradesman.
A total of 734 foreclosure petitions were recorded in September, a 68.0 percent increase from 438 during the same month a year ago. A total of 5,419 foreclosure starts have been filed so far this year, a 30.0 percent increase compared with 4,174 petitions recorded during the same period last year.
Petitions also climbed in the third quarter, increasing more than 68.0 percent to 2,155 from 1,281 during the third quarter 2013.
“The foreclosure numbers in September continued to rise modestly, but I’m confident we are not headed for a crisis,” said Cassidy Murphy, editorial director of The Warren Group. “Year-to-date, we see the numbers for auctions and deeds decreasing, and the percentage increases we have seen over the last few months in foreclosure starts are tapering off. I expect that trend to continue.”
Foreclosure deeds rose to 294 for the month, a 5.0 percent increase from 280 in September 2013. Year-to-date, a total of 2,538 foreclosure deeds were completed so far this year, down 9.0 percent from the 2,786 deeds recorded during the same period last year.
A total of 859 deeds were completed in the third quarter, down almost 9.0 percent from the third quarter of 2013 when there were 943 deeds completed.
The number of auction announcements tracked by The Warren Group also decreased by double digits in September. Auction announcements declined 37.2 percent to 478 from 761 in September 2013. From January through September, 3,780 auctions were announced, a 17.0 percent decline from the 4,548 auctions recorded during the same period in 2013. Auctions fell 21.0 percent in the third quarter of this year, with 1,574 auctions announcements filed compared with 1, 980 in the third quarter 2013.