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Foreclosure activity in Massachusetts jumped in November as foreclosure petitions, which kick off the foreclosure process, climbed by 150 percent year over year in November, according to a report from The Warren Group.
Some 643 foreclosure petitions were filed in November, up from 257 during the same month in 2013, according to the Boston-based organization. This is the ninth straight month of year-over-year increases. Since January, 7,027 foreclosure starts have been filed throughout the state, a 42.4-percent increase over last year.
For Worcester County, The Warren Group reported 115 foreclosure petitions for November, up 203 percent from 38 petitions the previous November. Meanwhile, Middlesex County also saw an increase of foreclosure petitions, up 136 percent to 85 petitions. For the year, petitions are up 38.8 and 36 percent in Worcester and Middlesex counties, respectively.
"The large gains seen in November in all three stages of foreclosure activity are expected given the backlog of delinquent mortgages in the system," Timothy M. Warren Jr., CEO of The Warren Group, said in a statement. "The good news is that November foreclosure starts are down significantly from the 965 we saw in October. In fact, the November total is the lowest we have seen since June."
Foreclosure deeds, which end the process, increased 20.3 percent in November, to 344 completed foreclosures compared to 286 during the same time in 2013. A total of 3,305 foreclosures have been completed throughout the state, down from 3,459 the previous year.
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Worcester Business Journal presents a special commemorative edition celebrating the 300th anniversary of the city of Worcester. This landmark publication covers the city and region’s rich history of growth and innovation.
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