March 1, 2012
Foreclosures Back Up
After a slowdown in 2011, foreclosure activity in Massachusetts jumped by double digits year-over-year in January, according to The Warren Group.
Foreclosure petitions, the first step in the process, rose more than 68 percent to 1,333 in January compared with the same month last year. There were 662 completed foreclosures in the month, a 25-percent increase. Announcements of foreclosure auctions, a middle step in the process, rose 31 percent to 1,512.
The Warren Group said banks had slowed the foreclosure process in 2011 to deal with legal and documentation issues.
Foreclosures in January were still lower than they had been before 2011. There were 1,873 petitions filed in January 2010 and 1,960 in January 2009.
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