Petitions to foreclose filed in Massachusetts rose more than 25 percent in August over July, shattering July’s previous record and setting an ominous tone for the coming months, according to The Warren Group, publishers of Banker & Tradesman.
August saw 3,115 petitions to foreclose filed in Massachusetts Land Court, the most recent month for which statistics are available. The previous record was set in July, when 2,486 petitions were filed.
Petitions to foreclose are the first step in the home foreclosure process, and do not always end up in actual foreclosure.
The August number is up 75.5 percent over August of 2006, when “only” 1,775 petitions were filed, according to The Warren Group.
In Worcester County, petitions to foreclose rose 84 percent in August 2007 compared to last year, from 252 to 466. Year-to-date, petitions rose 72 percent in Worcester County, to 2,824 so far this year, according to the report.
