BOSTON, March 7, 2017 – Lenders filed 899 petitions to foreclose on properties in Massachusetts in January, a 2.7percent decrease compared with the 924 filed in January 2016, according to a new report from The Warren Group, publisher of Banker & Tradesman.
It was the fifth consecutive month of year-over-year decreases in petitions filings. 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 continue to see petitions to foreclose decline after steady increases over a period of more than two years,“ said Timothy Warren, CEO of The Warren Group “The clogged pipeline of delinquent mortgages is clearing up now.“.
Statewide there were 739 foreclosure auctions scheduled in January, a decrease of 0.8 percent increase from January 2016, when there were 745 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.
There were 503 foreclosure deeds recorded in January, a 44.5 percent increase from the 348 recorded in January 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.
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.
Listen to Tim Warren., CEO of The Warren Group, discuss Massachusetts January 2017 Foreclosures. Click Here