Foreclosure petitions and auction notices for single-family homes shot up in Bristol County, Mass., in October in year-over-year comparisons, The Warren Group reported last week.
The number of petitions – the first step in the foreclosure process – rose 11 percent to 198 last month from 178 in October 2008. The number of auction notices increased 77 percent to 278 from 157 during the same month last year. Foreclosure deeds stood at 91, one fewer than in October 2008.
Year-to-date, foreclosure petitions were up 34 percent in the county, while auction notices rose 46 percent. Foreclosure deeds, however, fell 26 percent.
The Warren Group said that several factors helped temper foreclosure activity, including federal efforts to offer loan modifications to troubled borrowers and a Mass. Land Court decision that has forced some lenders to hold back on foreclosure proceedings until proper mortgage assignments have been made.
In addition, a state law that went into effect in the middle of last year slowed the rate of foreclosure petition filings because it requires lenders to give delinquent borrowers 90 days to catch up with missed payments before starting a foreclosure proceeding.
The Warren Group Inc. is a provider of New England real estate data and the publisher of Banker & Tradesman and other journals. Additional information is available at TheWarrenGroup.com.