Foreclosures On Pace To Break 2008 Record
Lenders filed more petitions to foreclose on borrowers in August than they had in more than a year, according to Boston-based real estate tracker The Warren Group.
There were 2,713 petitions to foreclose filed in the state in August. That's a 13.2 percent increase from a year ago. In July, 2,307 petitions were filed.
So far this year, 18,358 petitions have been filed, a decrease from the 19,109 that had been filed thus far last year.
Petitions are the first step in the foreclosure process.
In August, 1,207 foreclosure deeds, which document completed foreclosures, were filed. That's nearly twice the 659 filed a year prior.
So far this year, 9,887 foreclosures have been finalized in Massachusetts. That's more than were completed in all of 2009, when 9,269 foreclosure deeds were filed.
Foreclosure deeds are on pace to break the record of 12,430 set in 2008, The Warren Group said.
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