Foreclosures Reverse Course In October
Foreclosure deeds and petitions ticked up last month for the first time since the summer of 2010, according to the Boston-based Warren Group.
Petitions rose from 1,127 a year ago to 1,193, the first increase since August 2010. The total of petitions filed this year stands at 10,610, down nearly 52 percent over the same period last year.
Foreclosure deeds recorded in October were up 35.7 percent to 756 from 557 a year ago, bringing the running 2011 total to 6,963, a decrease of 39 percent from this time last year.
Timothy Warren Jr., CEO of the Warren Group, said in a release that the increased activity is bad news for distressed homeowners, but a positive signal that banks are working through their backlogs of foreclosures, which must be dealt with before the real estate market can recover.
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