BOSTON, June 30, 2015 – Foreclosure petitions in the Bay State rose in May, posting a 53 percent increase compared with May 2014, according to a new report from The Warren Group, publisher of Banker & Tradesman. This marked the 15th consecutive month of increases in petition filings.
Lenders filed 878 petitions to foreclose in May compared with 573 filings during the same month last year. A total of 4,430 petitions were filed in the first five months of the year compared with 2,776 petitions filed during the same timeframe in 2014. Petitions mark the first step in the foreclosure process.
“It is frustrating to see the continued rise in foreclosure activity across the Bay State,” said Cassidy Murphy, editorial director of The Warren Group. “Lenders continue to wade through a large volume of delinquent mortgages that have been in the process for quite some time.”
Statewide, foreclosure deeds reported an 82 percent increase in May with 344 deeds filed compared with 189 filings in May 2014. A total of 1,623 deeds were filed January through May of this year, an 18 percent increase from the 1,374 deeds filed in the same timeframe last year. Deeds represent completed foreclosures.
The number of auction announcements tracked by The Warren Group fell in May compared with a year earlier. There were 571 auction announcements filed, a 7.5 percent decrease from the 617 announcements filed at the same time last year. Year-to-date, auctions increased 58 percent in with 2,655 auction announcements recorded compared with 1,680 in the first five months of last year.
The Warren Group offers a range of real estate products, information services and printed publications, including the newspapers Banker & Tradesman and The Commercial Record. The company also presents and organizes trade shows and events for a variety of industries, including bankers, mortgage brokers, credit unions and lawyers. Based in Boston, the company was established in 1872 and is now in its fourth generation of family ownership and management. For more information about The Warren Group, visit www.thewarrengroup.com.