Foreclosures On the Rise Again in Massachusetts
Tuesday, July 07, 2015
Petitions are the first step in the foreclosure process.
SEE BELOW: Interactive Map of Property Foreclosures in Massachusetts
According to a report by The Warren Group, nearly 4,500 petitions were filed in the first five months of the year compared with 2,776 petitions filed during the same timeframe in 2014.
“It is frustrating to see the continued rise in foreclosure activity across the Bay State,” said Cassidy Murphy, editorial director of The Warren Group. “Lenders continue to wade through a large volume of delinquent mortgages that have been in the process for quite some time.”
The Warren Group’s report also notes that completed foreclosures saw an 18 percent increase from this time last year with a total of 1,623 foreclosure deeds filed.
Worcester Represented At Statehouse
One week ago, members of the Massachusetts Alliance Against Predatory Lending (MAAPL), marched on the statehouse to defend the passing of three foreclosure bills.
The bills MAAPL supported included An Act Relative to the Relief of Mortgage Debt (S1464/H2607), An Act to Facilitate Alternatives to Foreclosure (S482/H888) and An Act Clarifying Municipal Authority Regarding Cash Sureties (S41).
“These bills represent a new offensive in the fight to end foreclosures even as foreclosure activity in Massachusetts surges again threatening to rival the worst years of this continuing crisis, 2010 and 2011,” Grace Ross, Coordinator of the Mass Alliance Against Predatory Lending, said. “First quarter of this year foreclosure activity was up 77.3% over the first quarter a year ago, but now we know how to fix what is broken.”
Worcester’s City Solicitor David Moore testified at the statehouse regarding the successful protection of over 800 properties during and after foreclosure for the 5 years since the City passed its cash surety program in Dec. of 2009. “We have been able to afford to keep these residences up to code while still occupied or once vacant,” Moore said.
According to the MAAPL, Worcester’s program has protected the homes and their neighborhoods while successfully returning any remaining surety money to banks once the properties were re-sold.
Home and Condo Sales on Decline
The Warren Group also reports that year-to-date single-family home sales declined by 1.8 percent with 15,210 homes sold compared with 15,494 last year. Over 4,300 single-family homes were sold in May compared with 4,487 in May 2014.
“Most of these May closings went under agreement at the start of the spring selling season in March,” said Timothy M. Warren Jr., CEO of The Warren Group. “We won’t see the peak sales numbers until the middle of summer in July.”
Condominium sales also fell in May with a total of 2,023 sales completed compared with 2,146 in May 2014. May was the seventh consecutive month condo sales have decreased on a year-over-year basis. Year-to-date sales were also down by 6.0 percent with 6,732 sales completed during the first five months of this year compared with 7,161 recorded during the same period last year.
Property Foreclosures in Massachusetts | FindTheHome
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