BOSTON – Foreclosure petitions in Bristol County, Mass., increased 16 percent in October compared with the same period last year, The Warren Group said Tuesday.
The real estate tracking firm reported 122 new petitions, the first step in the foreclosure process, in the county during the month compared with 105 petitions in October 2010.
The uptick in foreclosures matched the statewide trend, as year-over-year petitions in Massachusetts rose 6 percent from a year ago. It’s the first time foreclosures increased in the state since August 2010, according to the Warren Group. For much of the past year, the foreclosure process has been slowed by questionable legal processing practices by banks.
“A rise in foreclosures is troubling for distressed homeowners, but in this case it's a positive signal that the backlog of foreclosures on bank's books is working through the system," said Timothy M. Warren Jr., CEO of The Warren Group. “The real estate market cannot fully recover until foreclosures have been dealt with one way or another.”