With foreclosure petitions in Massachusetts the highest in nearly two years, foreclosure activity for the Bay State remained at levels drastically higher than recorded in 2011, according to a report released Tuesday by The Warren Group, a Boston-based real estate data provider.
Statewide, the number of petitions rose almost 47 percent year-over-year to 1,750 from 1,191 in April 2011. This rise marked the highest level of petitions since September 2010 which was recorded at 2,358 foreclosure starts. Year-to-date through April, 6,098 petitions to foreclose have been filed, up 64 percent from the same time frame in 2011.
However, Cory S. Hopkins, editorial director of The Warren Group, said in a release he believes this isn’t a cause for panic.
“Foreclosure activity was so low last year that we’re inevitably seeing a rise in foreclosures across the state,” said Hopkins, “It’s necessary for a wave of foreclosures to work through the system this year, but it shouldn’t cause panic.
In order to return to a healthier market, the backlog of distressed properties needs to be cleared from banks’ books.”
Also included in foreclosure activity, foreclosure deeds, or completed foreclosures, rose more than 19 percent to 714 in April, up from 598 in April 2011.
Advertised auction notices decreased 2 percent in April, but year-to-date auction notices are up 18 percent from last year.
Source DSNews By : Sara Ortega 05/29/12
