The number of Massachusetts homeowners who faced foreclosure increased 22 percent in October, the highest number of foreclosure petitions filed since October 2009, the Boston Business Journal reported December 3, 2012.
The Warren Group, publisher of Banker & Tradesman, compiles the foreclosure data.
In October, a total of 1,458 foreclosure petitions, the first step in the foreclosure process, were recorded, a 22 percent increase from 1,193 in October 2011. Foreclosure petitions increased from September 2012 as well, slightly rising from 1,420. October 2012 foreclosure petitions were the most for the month of October in three years.
Massachusetts is on track to record a higher number of foreclosure petitions in 2012 compared to last year. A total of 15,334 foreclosure petitions have been recorded in 2012, a 44.5 percent jump from 10,610 petitions filed during the same period last year.
The number of foreclosure deeds, the last step in the process to seize a home, declined 52 percent in October, from 775 during October 2011 to 371 this past October. October saw the fewest number of foreclosure deeds recorded in any month since February 2007. A total of 6,861 foreclosure deeds have been filed in Massachusetts so far this year, a 2.5 percent decline compared to 7,040 foreclosure deeds recorded during the first 10 months of 2011.