BOSTON, August 1, 2017 – Foreclosure petitions in June are down 18.3 percent compared to last year, according to a new report from The Warren Group, publisher of Banker & Tradesman.
A total of 819 petitions were filed in June, compared to 1,002 in June 2016. 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 5,783 total petitions filed, down 12.6 percent from the 6,616 filed over the first six months of 2016.
“In keeping with the previous two months of this year, June saw its first year-over-year decrease in petitions since 2013, as the backlog of old delinquencies dissipates,” said Timothy Warren, CEO of The Warren Group. “Surging prices in the state’s housing market have helped to keep new foreclosure starts at bay, since homeowners unable to pay their mortgage have more leeway if they’re forced to sell.”
Statewide there were 711 foreclosure auctions scheduled in June, a decrease of 19.8 percent from June 2016, when there were 887 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 3,797 total auctions, down 18.3 percent from the 4,649 over the same period in 2016.
There were 460 foreclosure deeds recorded in June, a 2.3 percent decrease from the 474 recorded in June 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 3,074 total deeds, up 6.8 percent from the 2,878 filed over the same period in 2016.