Initiated foreclosures in Massachusetts topped 1,400 in July, the highest level for any month this year, according to The Warren Group.
However, the number of foreclosures in July – 1,441 – represented a 38-percent drop from 2,307 in July 2010. A total of 6,856 foreclosure petitions have been filed this year, which is down 56 percent from the 15,645 petitions filed from January through July of 2010.
However, the foreclosure process has shown signs of accelerating over the last two months, The Warren Group said. “Despite the drop in foreclosures from a year ago, homeowners are still struggling,” said Cory S. Hopkins, managing editor for Banker & Tradesman, part of The Warren Group. “A weakened housing market and poor economy (do) not bode well for consumer confidence.”
