Auctions rose 52.7 percent; deeds increase 33.1 percent

 

BOSTON, July 7, 2016 – Foreclosure petitions in the Bay State rose again in May, increasing 28.7 percent compared with May 2015, according to a new report from The Warren Group, publisher of Banker & Tradesman. This marks the 27th consecutive month of year-over-year increases in foreclosure starts.

Lenders filed 1,130 petitions to foreclose in May of 2016, compared with 878 filed in May of last year. There have been 5,614 petitions filed year to date in Massachusetts, a 26.7 percent increase from last year’s mark through May with 4,430. Petitions note the first step in the foreclosure process, when lenders file notice of their intention to foreclose with the Commonwealth’s Land Court.

“Foreclosure starts are beginning to ease in 2016. In 2015 the gain was 55.1 percent. The 26.7 percent gain so far this year is a significant drop off from last year.” said Timothy Warren Jr., CEO of The Warren Group. “While the increase is moderating, it seems unlikely that the total number of foreclosure starts will start to decrease in 2016.”

There were 875 auction notices filed in May, a 52.7 percent increase from the 573 filed in May 2015. There have been 3,761 auctions in Massachusetts year to date, a 41.5 percent increase from the same stretch in 2015 when there were 2,657. An auction notice is a legal advertisement that the lender has scheduled an auction and publicly announced the time, date and address in local newspapers.

There were 458 foreclosure deeds filed in May, a 33.1 percent increase from the 344 deeds filed in May of 2015. There have been a total of 2,402 deeds recorded in Massachusetts in 2016, a 47.9 percent increase from the 1,624 filed through May 2015. These deeds represent completed foreclosures, when lenders record a new deed at the Registry of Deeds indicating there has been a change in the ownership of the foreclosed property.

For the most up-to-date petition filings, auctions and completed foreclosures are available weekly in Banker & Tradesman.

The Warren Group has recorded and tracked real estate transactions since 1872. The fourth-generation family-owned company uses its long-time leadership in the 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.