Foreclosures Jump In July
Foreclosures in the state accelerated by nearly 9 percent between June and July, but were down 38 percent compared to a year ago, according to Boston-based real estate tracker The Warren Group.
Lenders filed 2,822 petitions to foreclose in July, more the five times the number filed in the same month a year ago, and about level with the number filed in June. Through July this year, lenders have filed 16,635 petitions to foreclose, a 22.5 percent increase over the same period last year.
The increase in petitions indicates that even after a temporary lull in the middle of 2008 after the state's "right-to-cure" law giving borrowers 90 days to catch up on missed mortgage payments went into effect, many homeowners are still unable to make their mortgage payments.
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