January 21, 2009
Foreclosures Up 62% In 2008
By Matthew L. Brown
More than 12,000 foreclosure deeds were filed in Massachusetts in 2008, a whopping 62 percent increase over the 7,653 foreclosures filed the previous year, according to Boston-based real estate tracker The Warren Group.
In 2006, 3,130 foreclosure deeds were filed in the state.
Foreclosure petitions, the first step in the foreclosure process, were down 26.3 percent in 2008 compared to 2007. The Warren Group attributed the drop-off to a state law that went into effect last year that requires lenders to give delinquent borrowers 90 days to pay off loan defaults before filing for foreclosure.
In December, 936 foreclosure deeds were filed, a 5.4 percent increase over November's total and a 37 percent increase over December 2007.
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