Foreclosures in Massachusetts Show No Signs of Abating
The number of Bay State foreclosures started by lenders fell in June, but finished foreclosures more than doubled from a year ago, according to a Boston-based real estate tracker.
“The foreclosure picture in Massachusetts hasn’t really improved that much,” said Timothy Warren, head of the Warren Group.
Lenders filed 2,220 petitions to foreclose – the first step in the foreclosure process – last month, a nearly 22 percent drop from a year earlier. But foreclosure petitions increased 5 percent in June from 2,110 in May.
“The level of foreclosure starts for the first half of the year is only slightly lower than a year ago,” said Warren.
“We have been averaging just over 2,200 foreclosure petitions a month this year compared to about 2,300 a month last year.”
While the number of foreclosures initiated in June declined, the number of completed foreclosures more than doubled from a year earlier. A total of 1,313 foreclosure deeds – the final step in seizing a home – were recorded, a 109 percent jump from 628 in June 2009.
Foreclosure deeds surged in every county in the Bay State except Nantucket in June.
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