Deeds Up 14.4 Percent Year Over Year
BOSTON, May 31, 2017 – Lenders filed 990 petitions to foreclose on properties in Massachusetts in April, an 11.4 percent decrease compared with the 1,117 filed in April 2016, according to a new report from The Warren Group, publisher of Banker & Tradesman.
Petitions to foreclose have been trending downwards for 10 months. The April numbers resumed that trend after a modest uptick in March. 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.
Year to date, the state has seen 3,924 total petitions filed, down 12.5 percent from the 4,484 filed over the first four months of 2016.
“Despite an uptick in petitions in March, our 2017 foreclosure start numbers are significantly lower than what we saw to this point last year,” said Timothy Warren, CEO of The Warren Group. “April data suggest that lenders have fewer and fewer delinquent mortgages clogged in the pipeline and that the trend towards fewer foreclosure starts will continuefor the foreseeable future as the economy and real estate market continue to thrive.”
Statewide there were 518 foreclosure auctions scheduled in April, a decrease of 31.1 percent increase from April 2016, when there were 752 auctions scheduled. 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.
Year to date, the state had 2,505 total auctions, down 13.2 percent from the 2,887 over the same period in 2016.
There were 523 foreclosure deeds recorded in April, a 14.4 percent increase from the 457 recorded in April 2016. These deeds represent completed foreclosures, when lenders put the change in ownership of the foreclosed property in the public record at registries of deeds.
Year to date, the state filed 2,130 total deeds, up 9.5 percent from the 1,945 filed over the same period in 2016.