The Warren Group has analyzed the data from the Massachusetts Land Court and sees a lot to worry about when it comes to foreclosures.
Edited from their press release:
Petitions to foreclose in Massachusetts topped 3,000 for only the second time in 2007. Meanwhile, the number of foreclosure deeds in November dropped slightly from October but was still well above the number filed in November 2006, according to The Warren Group, publisher of Banker & Tradesman …
Lenders filed 3,040 petitions to foreclose in Massachusetts Land Court during October …
Petitions rose 43.9 percent from the 2,112 filed in October 2006. There were 24,155 petitions filed in the first 10 months of 2007, up 62.7 percent from the 14,847 filed during the same time period of 2006.
[Petitions to foreclose are the first step in the foreclosure process and do not always end in actual foreclosure. Some homeowners eventually sell their homes or refinance.]
Foreclosure deeds in November rose 72 percent from 371 in November 2006 to 638 but were down slightly from the 739 in October 2007. Year-to-date deeds were up 149.2 percent from 2,797 filed in the first 11 months of 2006 to 6,970 this year …
Source: Mass. Petitions to Foreclose Top 3,000 in October; Foreclosure Deeds Up 72% in November – The Warren Group
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