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Massachusetts Foreclosure Petitions Climb to Highest Level since July

Foreclosure activity in Massachusetts increased significantly during the month of March. According to the latest report from ""the Warren Group"":http://www.thewarrengroup.com, a Boston-based real

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estate research firm, the number of foreclosures initiated by lenders in the Bay State jumped 22 percent from the prior month and 8 percent from a year earlier.

It's the highest monthly total recorded by the firm since last July.

Based on the Warren Group's market data, lenders filed 2,581 petitions to foreclose in March, a 21.6 percent increase from 2,122 in February and 8.4 percent more than the 2,381 petitions filed in March 2009.

A total of 6,577 petitions to foreclose have been filed in Massachusetts during the first quarter, a slight decrease from 6,636 in the first quarter of last year. Petitions to foreclose represent the first step in the foreclosure process in Massachusetts.

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""The foreclosure petitions in March were the highest they've been in eight months,"" said Timothy M. Warren Jr., CEO of the Warren Group. ""Despite some improvement in the overall economy, many Massachusetts homeowners are still struggling to keep up with their mortgage payments.""

Foreclosure deeds, which represent completed foreclosures, also increased dramatically in Massachusetts last month. The Warren Group reported that foreclosure deeds surged 51.4 percent to 1,389 in March from 917 in February, and were 45 percent higher than the 957 foreclosure deeds recorded in March 2009.

Foreclosure deeds totaled 3,447 in the first quarter of 2010, a 24.6 percent increase from the first quarter of 2009.

""March had the most completed foreclosures for any month in more than a year,"" Warren said. ""The last time foreclosure deeds reached this kind of level in Massachusetts was in May 2008. ""Some of these are foreclosures that were started months ago, but are just now being completed. Even though there are foreclosure prevention programs in place, unfortunately not all homeowners are benefitting from them.""

The number of auction announcements tracked by the Warren Group also surged in March compared to a year earlier. There were 2,903 foreclosure auctions announced last month, more than double the 1,131 auction announcements in March 2009 and up 4.6 percent from 2,774 in February.

The Warren Group tracked 8,062 auction announcements in the first quarter of 2010, a 139.8 percent jump from 3,362 a year earlier.

About Author: Carrie Bay

Carrie Bay is a freelance writer for DS News and its sister publication MReport. She served as online editor for DSNews.com from 2008 through 2011. Prior to joining DS News and the Five Star organization, she managed public relations, marketing, and media relations initiatives for several B2B companies in the financial services, technology, and telecommunications industries. She also wrote for retail and nonprofit organizations upon graduating from Texas A&M University with degrees in journalism and English.
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