Mass. foreclosure deeds push past 2007 levels
Foreclosure activity has doubled so far this year, with 7,804 deeds filed through July 2008 compared with 3,902 filed during the same period in 2007, the Warren Group said in a new report.
The publisher of Banker & Tradesman, the Warren Group of Boston is a provider of local real estate data.
In July, 1,097 foreclosure deeds were filed, up from 819 in July 2007; July’s foreclosures deeds were 3 percent lower than June 2008 when 1,131 deeds were recorded, the Warren Group said.
“The bad news is that we have more foreclosures so far this year than all of last year," Timothy Warren Jr. (left), chief executive of the Warren Group, said in a statement. "But on a more positive note, foreclosure activity appears to have moderated. The number of foreclosure deeds has dropped 22 percent from a peak in May of this year, when 1,405 deeds were recorded. In addition, the number of auctions scheduled has fallen 33 percent from a high of 2,028 in March."
The most foreclosure deeds in July were recorded in Worcester (68), Springfield (61), Brockton (46), Dorchester (46) and Lynn (46), the firm said.
The Warren Group added in its press release: "Petitions to foreclose, which is the first step in the foreclosure process, rose 43.4 percent to 502 in July from 350 in June. But petitions to foreclose fell 79.8 percent from July 2007, when lenders filed 2,485 foreclosure petitions. The sharp drop-off is connected to a law that took effect in May that requires lenders intending to foreclose to give borrowers 90 days to pay off loan defaults."
(By Chris Reidy, Globe staff)