Auctions rose 36.2 percent; deeds increase 45.1 percent
BOSTON, August 30, 2016 – Foreclosure petitions in Massachusetts dipped by 1.1 percent this month compared with July 2015, according to a new report from The Warren Group, publisher of Banker & Tradesman.
Lenders filed 1,032 petitions to foreclose in July, compared with 1,044 filed in July of last year. There have been 7,648 petitions filed year to date in the Bay State, a 20.2 percent increase from last year’s mark through July with 6,360. Petitions mark the first step in the foreclosure process, when lenders file notice of their intention to foreclose with the Commonwealth’s Land Court.
“After more than 2 years of increases in foreclosure petitions, starts are finally starting to slow,” said Cassidy Murphy., editorial director of The Warren Group. “While a 1 percent drop in this case equates to a difference of 12 petitions – which is well within the margin of error – it’s still an encouraging sign that foreclosures are still stabilizing in the state.”
There were 820 auction notices filed in July, a 36.2 percent increase from the 602 filed in July 2015. There have been 5,468 auctions in Massachusetts year to date, a 44.3 percent increase from the same stretch in 2015 when there were 3,789. 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 560 foreclosure deeds filed in July, a 45.1 percent increase from the 386 deeds filed in July 2015. There have been a total of 3,432 deeds recorded in Massachusetts in 2016, a 42.0 percent increase from the 2,416 filed through July 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.
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.