October 10, 2007
Aug. foreclosure petitions up 11.9 percent
By Matthew L. Brown
Petitions to foreclose and auction announcements in Massachusetts rose again in August, but the increases compared to last August’s numbers were not as dramatic as in recent months, according to the Boston-based Warren Group, publisher of Banker & Tradesman.
However, the Warren Group noted that August 2006 was also a busy month for foreclosures, so the smaller rate of increase may be misleading.
Between January and August, petitions to foreclose in Worcester County were up 62 percent, from 1,638 in 2006 to 2,655 this year. In August alone, petitions to foreclose in Worcester County were up nearly 18 percent compared to August 2006.
There were 1,986 petitions to foreclose filed in Massachusetts Land Court in August, up 11.9 percent from the 1,775 filed in August 2006. During the first eight months of 2007, 17,044 petitions were filed, an increase of 45.3 percent compared to the 10,679 filed at the same time last year.
Auction announcements rose 52 percent from 757 in August 2006 to 1,151 in August 2007. Year-to-date announcements were up 146.2 percent from 4,070 during the first eight months of 2006 to 10,020 this year.
Petitions to foreclose are the first step in the foreclosure process, and do not always end in actual foreclosure. Some homeowners eventually sell their homes or refinance.
However, the Warren Group noted that August 2006 was also a busy month for foreclosures, so the smaller rate of increase may be misleading.
Between January and August, petitions to foreclose in Worcester County were up 62 percent, from 1,638 in 2006 to 2,655 this year. In August alone, petitions to foreclose in Worcester County were up nearly 18 percent compared to August 2006.
There were 1,986 petitions to foreclose filed in Massachusetts Land Court in August, up 11.9 percent from the 1,775 filed in August 2006. During the first eight months of 2007, 17,044 petitions were filed, an increase of 45.3 percent compared to the 10,679 filed at the same time last year.
Auction announcements rose 52 percent from 757 in August 2006 to 1,151 in August 2007. Year-to-date announcements were up 146.2 percent from 4,070 during the first eight months of 2006 to 10,020 this year.
Petitions to foreclose are the first step in the foreclosure process, and do not always end in actual foreclosure. Some homeowners eventually sell their homes or refinance.
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