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Report: More Bay State Residents Lost Homes to Foreclosure in 2010

According to ""the Warren Group"":http://www.thewarrengroup.com, a Boston-based provider of real estate data, the number of completed foreclosures in Massachusetts jumped almost 32 percent in 2010 to 12,233, up from 9,269 in 2009. However, it did not surpass the record 12,430 foreclosures in 2008.
[IMAGE] ""It's a big concern that more homeowners lost their homes to foreclosure in 2010 than in the prior year. One bright spot is that fewer people entered the foreclosure process compared to a year ago. This is despite a slumping economy and high unemployment,"" said Timothy M. Warren Jr., CEO of the Warren Group.

[COLUMN_BREAK]

He continued, ""These statistics for petitions to foreclose are skewed by lenders who slowed their foreclosure processing in the last four months of the year. It's important to remain cautious heading into 2011 and not assume we are out of the woods yet.""

Foreclosure petitions in the Bay State declined 14.3 percent to 23,933 from 27,928 the year prior. The biggest drop was in December when 733 starts were recorded - 64.4 percent less than December 2009.

Year-to date petitions were down in every county except Nantucket County. A total of 88 foreclosure petitions were recorded in 2010, up almost 9 percent from 81 in 2009.

Deeds also increased in every county in 2010 except Nantucket and Dukes counties. There were 12 completed foreclosures in Nantucket County in all of 2010, down from 25 in 2009. Dukes County saw no change in its foreclosure deeds in 2010.

The Warren Group also reported a large increase in auction announcements in 2010. A total of 29,227 auction announcements were tracked last year, a 50.6 percent increase from 19,441 in 2009.

About Author: Heather Cernoch

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