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Home | Bay State Foreclosure Petitions and Auction Filings Increase
Hudson & Marshall
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Bay State Foreclosure Petitions and Auction Filings Increase

The state of Massachusetts has yet to relinquish its reputation as a state with a foreclosure problem. A new report from The Warren Group, which offers a variety of real estate information and services, says the Bay State recorded 2,185 petitions to foreclose in land court in July, a 66.

The state of Massachusetts has yet to relinquish its reputation as a state with a foreclosure problem. A new report from ""The Warren Group"":http://www.thewarrengroup.com, which offers a variety of real estate information and services, says the Bay State recorded 2,185 petitions to foreclose in land court in July, a 66.5-percent increase when compared to the 1,312 petitions filed during the same month last year.
""July held more of the same for Massachusetts homeowners,"" said Timothy Warren, chief executive officer of The Warren Group. ""More people are having trouble paying their mortgages, likely because rates on many are resetting, and more of those people who get into trouble are having a hard time getting out. They are finding it more difficult to refinance or to sell, so more foreclosures are making it to the auction process.""
As supporting evidence, The Warren Group cited auction announcement statistics, which show auction announcements jumped 130.2-percent between July of 2006 and July of 2007. Meanwhile, year-to-date announcements are up 165-percent for the first seven months of the year when compared to 2006.

Hudson & Marshall

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