Foreclosure Starts Continue Steep Climb
Banks filed 1,724 petitions to foreclose on Massachusetts homes in May, up from 699 a year ago, according to the Warren Group.
A national, $25-billion settlement between banks and state attorneys general will help continue the trend, the group predicted. The settlement is expected to jumpstart foreclosures that had been slowed while banks reviewed their documentation procedures last year.
Through May of this year, 7,822 petitions have been filed, an increase of 77 percent over the same period in 2011.
"Foreclosures are expected to rise throughout this year," said Cory S. Hopkins, editorial director of the Warren Group. "We're seeing banks acting more aggressively in resuming foreclosures that were put on hold in 2011."
Hopkins said the distressed properties need to be cleared from lender's books before the housing market can return to full health.
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