NEW: Massachusetts Foreclosures Numbers for May More than Double 2011
Thursday, June 21, 2012
Those numbers followed this year’s high of 1,750 filed in April. Petitions have surpassed the 1,000 mark every month since July 2011. The Bay State has seen a total of 7,822 petitions to foreclose in 2012 – a 77% increase from the same period last year.
According to The Warren Group, publisher of Banker & Tradesman, banks have continued to resume activity following a mortgage abuse settlement reached earlier this year. The national, $25 billion settlement between the nation's largest lenders and state's attorneys general is expected to jump-start foreclosures that were previously suppressed while banks reviewed procedures for documenting foreclosures.
"Foreclosures are expected to rise throughout this year. We're seeing banks acting more aggressively in resuming foreclosures that were put on hold in 2011," said Cory S. Hopkins, editorial director of The Warren Group. "In order to return to a healthier market, we need these distressed properties to get cleared from banks' books. The increased activity also leads to opportunity for buyers."
The state has also seen a 32% increase in foreclosure deeds, which represent completed foreclosures – up to 755 in May 2012 from 571 in May 2011. A total of 3,736 foreclosure deeds have been recorded in the first five months of the year, up 31.3 percent from 2,846 a year earlier.
- Grace Ross: Foreclosure Crisis No Where Near Over
- MA Senate to Vote on Bill to Clean Up Foreclosure Crisis
- Why Worcester County Foreclosures Have Skyrocketed