Massachusetts Foreclosure Activity Increases for May

""The Warren Group"":http://www.thewarrengroup.com/ reported Thursday that foreclosure activity in Massachusetts rose in the month of May as banks resume foreclosure processes.

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The Warren Group found that the number of foreclosure petitions in the state more than doubled year-over-year, rising from 699 in May 2011 to 1,724 in May 2012. Petitions have stayed above the 1,000 mark in Massachusetts every month since July 2011. So far in 2012, the lowest number was recorded in January (1,333) and the highest in April (1,750). In all of this year to date, 7,822 foreclosure petitions have been filed statewide, an increase of 77 percent from 4,425 during the same period last year.

With foreclosure activity no longer suppressed after the national settlement and review of potentially abusive mortgage practices, this kind of increase was not a surprise to the group.

""Foreclosures are expected to rise throughout this year. We're seeing banks acting more aggressively in resuming foreclosures that were put on hold in 2011,"" said Cory S. Hopkins, editorial director of The Warren Group. ""In order to return to a healthier market, we need these distressed properties to get cleared from banks' books. The increased activity also leads to opportunity for buyers.""

Foreclosure deeds (representing completed foreclosures) increased more than 32 percent to 755 in May 2012 from 571 in May 2011. A total of 3,736 foreclosure deeds have been recorded in the first five months of the year, up 31.3 percent from 2,846 a year earlier.

In contrast to the other increases in foreclosure activity, the number of advertised auction notices actually dropped in May. There were 1,397 auction announcements during the month, down 27 percent from 1,908 a year ago. Year-to-date auction notices have increased about 6 percent, rising to 6,974 from 6,583 last year.