Massachusetts Foreclosures fall by 30% year over year; Foreclosures in Massachusetts Rise 4% Over Quarters
The number of Bay State residents whose homes were seized by lenders increased from July through September compared to the previous quarter, but foreclosures have declined by nearly 30 percent year-over-year, according to a new report by the Warren Group.
“Lenders are facing pressure from federal leaders to offer loan modifications to troubled homeowners, and some banks instituted foreclosure moratoriums late last year,” said Timothy Warren, CEO of The Warren Group in a statement. “In Massachusetts, a law that went into effect last year delayed foreclosure proceedings from starting.”
A total of 2,048 foreclosure deeds were recorded in the third quarter, a 3.9 percent rise from the 1,971 in the second quarter. But foreclosures dropped 29.4 percent compared to the third quarter of 2008.
Year-to-date foreclosures are down by 29.5 percent at 6,778 compared to 9,610 in 2008.
Warren said a recent court ruling has caused many lenders to proceed cautiously before completing foreclosures. Last week, a Massachusetts Land Court judge reaffirmed an earlier decision that invalidated two foreclosures because the lenders had not properly proved that they owned the properties.
“This ruling has forced some lenders to hold back on proceedings until proper mortgage assignments have been made,” Warren said.
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