Foreclosure starts double in Bristol County, Mass. for June
FORECLOSURE STARTS in Massachusetts nearly doubled year-over-year for the month of June, but completed foreclosures declined. Above, a chart illustrating foreclosure petitions, auctions and deeds (representing completed foreclosures) in Massachusetts between June 2013 and June 2014.
BOSTON – Foreclosure starts in Massachusetts nearly doubled in June, according to The Warren Group’s report released Wednesday.
Lenders in the Bay State filed 488 petitions for the month of June, compared with 245 foreclosure starts in June 2013. Year-to-date through June, there were 3,264 foreclosure starts in Massachusetts, an increase of 12.8 percent over the 2,835 petitions during the same period last year.
In Bristol County, Mass., there were six foreclosure petitions filed in June compared with three petitions the year earlier. Between January and June, the county saw 54 total foreclosure starts, an increase of 63.6 percent over the 33 starts for the same six-month period in 2013.
“The clean-up continues as lenders push through the backlog of delinquent mortgages,” said Timothy M. Warren Jr., CEO of The Warren Group. “The number of petitions filed last year at this time was artificially low due to regulatory uncertainty regarding the proper procedures for taking foreclosure action.”
Despite the dramatic increase in Massachusetts foreclosure petitions for the month of June, the number of completed foreclosures in Massachusetts fell 18.5 percent last month compared with a year earlier, dropping from 329 completed foreclosures to 268 foreclosures. Year-to-date foreclosure completions totaled 1,375, down 12.8 percent from the 1,578 foreclosures completed for the first six months of 2013.
In Bristol County, there were 10 foreclosures completed in June, a slight increase over the nine deeds completed for the same month last year. Completed foreclosures rose 8.8 percent for the six months through June, rising to 62 foreclosure deeds from 57 deeds the year prior.