Foreclosure petition activity rises in Mass. in November

FORECLOSURE PETITION activity in Massachusetts rose 150 percent year-over-year in November, according to The Warren Group, publisher of Banker & Tradesman. / COURTESY THE WARREN GROUP
FORECLOSURE PETITION activity in Massachusetts rose 150 percent year-over-year in November, according to The Warren Group, publisher of Banker & Tradesman. / COURTESY THE WARREN GROUP

BOSTON – Foreclosure petition activity in Massachusetts rose 150 percent year-over-year in November, according to The Warren Group, publisher of Banker & Tradesman.
A total of 643 foreclosure petitions were filed in November, compared with 257 during the same month a year ago, marking the ninth consecutive month of year-over-year increases, The Warren Group reported.

From January to November, a total of 7,027 foreclosure starts were filed, which is a 42.4 percent increase compared with 4,935 petitions recorded during the same period last year.
Petitions mark the first step in the foreclosure process.

“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 also increased 20 percent in November, with 344 completed foreclosures recorded compared with 286 a year ago. This marked the fourth consecutive increase in deeds year-over-year. Year-to-date, a total of 3,305 foreclosure deeds were recorded so far this year, a decline of 4.5 percent from the 3,459 deeds recorded during the same period last year.

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The number of auction announcements tracked by The Warren Group increased by double digits in November.
Auction announcements rose 24 percent to 556 from 449 in November 2013. From January through November, 5,000 auctions were announced, an 11.2 percent decline from the 5,628 auctions recorded during the same period in 2013.

In Bristol County, foreclosure petitions rose 128.6 percent, from 28 in November 2013 to 64 in November 2014. Year to date, foreclosure petitions increased 49.9 percent in the county to 760.

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