Foreclosure starts surge 119% in Bristol County, Mass.

FORECLOSURE starts in Bristol County, Mass. surged 119 percent year-over-year in May.
Posted 6/21/12

BOSTON –Bristol County, Mass. foreclosure starts surged 119 percent in May compared with the same period last year as lenders across the state initiated a wave of new petitions on struggling borrowers, The Warren Group said Thursday.

There were 169 new Bristol County foreclosure starts in May, up from 77 in May 2011, the real estate data tracking firm said. That came after Bristol County foreclosure starts rose 31 percent in April.

Statewide, foreclosure starts in May rose at an even faster rate from last year, 147 percent.

Since the start of the year, foreclosure activity in Massachusetts, including Bristol County, has been accelerating while neighboring Rhode Island has seen foreclosures slow.

Along with foreclosure initiations, completed Massachusetts foreclosures rose 32 percent year over year in May.

Warren Group Editorial Director Cory S. Hopkins attributed the spike in Massachusetts foreclosure starts to the settlement between the country’s five largest lenders and state attorneys general over foreclosure abuses earlier this year.

"Foreclosures are expected to rise throughout this year. We're seeing banks acting more aggressively in resuming foreclosures that were put on hold in 2011," Hopkins said. "In order to return to a healthier market, we need these distressed properties to get cleared from banks' books. The increased activity also leads to opportunity for buyers."

PBN Hosted

Join PBN and two panels of successful female executives, business owners and entrepreneurs as we delve into what women should do to advance their careers, and become leaders in the corporate world and their own enterprises.
  • Book of Lists Party
    Save the date - January 15, 2015 for PBN's Book of Lists Party at the Providence ...
Purchase Data
Book of Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  • Purchase an e-File of the entire Book of Lists database
  • Purchase a printed copy of the Book of Lists
    Latest News