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Massachusetts Foreclosure Petitions Jump 13 Percent from Last Year

Foreclosure petitions in Massachusetts reached its highest number in more than a year, jumping to 2,713 in August - a 13.23 percent increase from a year ago, according to the ""Warren Group"":http://www.thewarrengroup.com, a Boston-based provider of real estate data in New England.

More than 1,200 foreclosure deeds were recorded in August, an increase for the eighth straight month.


""Despite reports that the recession is over and the market is on its way to recovery, we are not out of the woods yet,"" said Timothy M. Warren Jr., CEO of the Warren Group. ""Foreclosure deeds are on track to outpace the record numbers in 2008 when there were 12,430 completed foreclosures.""

So far this year, 18,358 foreclosure petitions have been recorded, a slight decrease from the 19,108 recorded during the same period in 2009, according to the Warren Group.

However, 9,887 foreclosures have been completed in the Bay State, which is more than the total number of foreclosures in all of 2009. There were 9,269 completed foreclosures last year.

""Job creation and employment numbers will have to improve before we see more recovery in these foreclosure reports,"" Warren said.

Auction announcements were also up to 1,927 in August, a 36.76 percent increase from last year.

About Author: Heather Cernoch


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