Wednesday, December 28, 2011

What's Moving in Massachusetts.....Forclosures

 Boston Business Journal

The number of completed foreclosures in the state rose by 70 percent over November, 2010. In total, 714 foreclosure deeds were recorded last month in the Bay State. In the same month, last year, just 418 deeds were recorded. November, 2011 was the fifth consecutive month in which foreclosure deeds were above 1,000. According to a news release from The Warren Group, the data shows lenders are coming out of a 12-month slowdown in foreclosure paperwork. Foreclosures are still down for the year, to date. By the end of November, 2010, lenders had completed 11,752 foreclosures, compared to 7,685 foreclosure deeds completed in the same period this year. Meanwhile, lenders in November initiated fewer foreclosures in Massachusetts, filing 1,015 petitions to foreclose, an 8 percent decline from November, 2010. That “modest” decline could indicate an “improving employment picture is leading to fewer mortgage delinquencies,” said Warren Group CEO Timothy M. Warren Jr. in a statement. It's the fewest petitions filed since June, when 990 foreclosure petitions were filed. To date, lenders have filed 11,625 petitions, down by nearly half from 23,200 during the same period in 2010.

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