Foreclosures Up 22% In January
The number of foreclosures in the state jumped by nearly 22 percent in January compared to the same month a year ago and topped December's total by 4 percent, according to Boston-based real estate tracker The Warren Group.
A total of 974 foreclosure deeds were filed in January compared to 800 in January 2008. In December, 936 foreclosure deeds were filed.
Lenders initiated fewer foreclosure proceedings during the month, filing 1,960 petitions to foreclose compared to 3,212 petitions filed in January 2008, a 39 percent decrease.
The Warren Group said the slowdown in petitions to foreclose could be due to the suspension of foreclosure proceedings by large banks under political pressure to work out alternative arrangements with borrowers. The foreclosure process is taking three months longer on average than it did two years ago.
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