Foreclosure Activity More Than Doubled In February
Foreclosure starts in Massachusetts rose 100.8 percent in February compared to the same month a year ago, according to The Warren Group.
There were 1,394 starts in February compared to 694 in February 2011, which the Warren Group said reflected a return to a more normal pace after a national lawsuit against lenders and an extended "right-to-cure" law slowed activity during 2011.
"The large year-over-year increases don't necessarily indicate another wave of foreclosures," Timothy Warren, Jr., CEO of the group said in a statement. "Foreclosure activity was nearly frozen a year ago and now [it's] beginning to thaw again."
In February, 736 foreclosures were completed, up 41 percent from a year ago. Year to date, completed foreclosures are up 33 percent, while foreclosure initiations are up 83 percent during the first two months of 2012. Foreclosure auction announcements are also up so far this year by 42 percent.
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