BOSTON, January 5, 2016 – Lenders filed 910 foreclosure petitions in Massachusetts in November, a 41.5 percent increase compared with the 643 filed in November 2014, according to a new report from The Warren Group, publisher of Banker & Tradesman.
It was the 21th consecutive month of year-over-year double-digit increases in petitions filings. Year to date there have been 10,543 petitions filed, a 50.0 percent increase over the 7,027 filed in the first 11 months of 2014. Petitions are the first entry in the public record in the foreclosure process, when lenders file a notice of intention to foreclose with the Land Court.
“We’ve been tracking this steady increase in foreclosures for some time,” said Timothy Warren, Jr., CEO of The Warren Group. “It represents many of the larger lenders finally coming to grips with Massachusetts’ regulatory changes, and moving delinquent mortgages into the foreclosure process. I don’t believe these are new mortgages or that the homeowners have recently failed into default. For the most part these are problem loans that have been on the books as delinquent for months or years.”
There were 586 foreclosure auctions scheduled in November, a 5.4 percent increase from November 2014, when there were 556 auctions scheduled. Year to date there have been 6,281 auctions scheduled, 25.6 percent more than the 5,000 through the first 11 months of 2014. An auction is scheduled through legal advertising in local newspapers with the lender giving the time, date and address for the auction to take place.
There were 397 foreclosure deeds recorded in November, a 16.1 percent decrease from the 342 recorded in November 2014. Year to date there have been 3,930 deeds recorded in 2015, a 19.0 percent increase from the 3,302 deeds recorded through November 2014. These deeds represent completed foreclosures, when lenders record a new at the Registry of Deeds indicating there has been a change in the ownership of the foreclosed property.
The Warren Group has recorded and tracked real estate transactions since 1872. The fourth-generation family-owned company uses its long-time leadership in Boston real estate and banking information to produce specialized reports and news publications, including Banker & Tradesman and The Commercial Record.
With more than 140 years as a local business leader, The Warren Group has developed relationships with a variety of industry leaders and trade groups, including bankers, mortgage brokers, credit unions and lawyers. Working together with our partners, The Warren Group organizes trade shows and industry events. For more information about The Warren Group, visit www.thewarrengroup.com.