Foreclosures in Massachusetts Decrease
The Warren Group is reporting that the amount of foreclosures initiated in Massachusetts has fallen below 2,000 in the month of November since the first time since January. This is determined by the number of filed petitions to foreclose by lenders, which marks the beginning of the foreclosure process. While this is good news, the petitions to foreclose are still high and 45% greater than the previous November. There were a total of 1937 filed petitions by lenders in November, which is a 15.6% decrease from the 2,296 foreclosure petitions in October. There were a total amount of 25,868 petitions to foreclose filed from January through November.
The amount of completed foreclosure, which are marked by the number of filed foreclosure deeds, has fallen 23.1 percent to 701 from 912 in the the month of October. This is lower than the total number of 888 foreclosure deeds in November of 2008. The Warren Group attributes this fall in actual completed foreclosures to trial loan modification programs and court decisions that have forced lenders to delay recording the foreclosure deeds.
Although the November statistics are postive news, foreclosures still are a big issue in Massachusetts and other states. With unemployment and other issues in the economy, homeowners still face high rates of delinquency on mortgages, which eventually results in the start of foreclosure proceedings.
We will see in upcoming months if employment begins its turnaround, which would have a nice effect on homeowners staying current on their mortages.
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