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January 23, 2008

State Foreclosures Up Almost 150 Percent In 2007

By Cory Hopkins
The number of foreclosure deeds filed in Massachusetts skyrocketed in December, rising more than 130 percent year-over-year to 683 and pushing the year-end total to 7,653, a 148 percent increase compared to 2006.

December's dire numbers came after foreclosure deed filings fell off slightly in October and November, according to the Warren Group , the Boston-based publisher of Banker & Tradesman.

The nearly 150 percent increase from 2006 pales in comparison to the 600 percent increase in foreclosure deeds compared to 2005, when 1,092 foreclosure deeds were filed.

Auction announcements also rose dramatically in 2007, according to the Warren Group. In all, 14,604 auctions were announced in 2007, up 119 percent from 2006 and more than 216 percent from 2005.

For the month of December there were 1,097 auction announcements, up 66 percent from December 2006.

Warren Group CEO Timothy Warren Jr. said he expects the trend to continue into 2008.

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