Massachusetts foreclosure petitions jumped 72.5 percent in July compared to July 2013, The Warren Group, publisher of Banker & Tradesman, reported September 2, 2014.
The Warren Group attributes the increase to lenders finally feeling comfortable with the legal and regulatory environment in the Bay State, as it relates to foreclosures.
Lenders filed 702 petitions to foreclose in July compared with 407 petitions recorded in July 2013. July marked the fifth consecutive month of year-over-year increases in petition filings. Through the first seven months of 2014, 3,966 petitions were recorded, a 20.2 percent increase from the 3,300 foreclosure starts recorded during the same period in 2013.
Foreclosure deeds – the final step in the Massachusetts foreclosure process – decreased 41 percent in July. There were 177 completed foreclosures compared with 298 in July 2013. July marked the fourth consecutive month there was a decline in the number of foreclosure deeds recorded. Through July, 1,552 foreclosure deeds were recorded, a 17.3 percent decline compared with the 1,876 deeds recorded during the same seven-month period last year.
The Warren Group also tracked the number of auction announcements in July. Auction announcements increased nearly 5 percent to 552 from 526 in July 2013. From January through July, there were 2,758 auctions announced in Massachusetts, a 10.9 percent decline from the 3,094 auctions announced during the same period in 2013.