Mass foreclosure activity continues to rise

Foreclosure auctions in Massachusetts rose in August, but the increase was not as dramatic as in recent months, according to a report out today from the Warren Group.

August 2006 was a busy month for foreclosures so the smaller rate of increase in August 2007 may be "misleading," said the Warren Group, a Boston-based provider of real estate data and the publisher of Banker & Tradesman.

Auction announcements rose 52 percent from 757 in August 2006 to 1,151 in August 2007, the Warren Group said.

Auction announcements "may not have risen in August as dramatically as they have over the past several months, but many Massachusetts residents are still in danger of losing their homes, and we don't see the numbers of foreclosures decreasing any time soon," Timothy Warren, chief executive of the Warren Group, said in a statement. "It is important to note that while auction announcements rose 52 percent in August when compared to August 2006, they are up 259.7 percent over the number of announcements in August 2005. Increased foreclosure activity in Massachusetts remains a very real cause for concern."
(By Chris Reidy, Globe staff)