Mass. foreclosures fell in 2009
The number of Massachusetts homes that were foreclosed last year was 9,269, a drop of 25.4 percent from 2008, but the number of foreclosure proceedings initiated in the Bay State rose 28.1 percent in 2009 to 27,928.
Those figures are from the Warren Group, a Boston firm that track local real estate activity and publishes Banker & Tradesman.
A Warren Group report out today included a statement from the firm's chief executive, Timothy M. Warren Jr.
"The good news is that not as many homeowners lost their homes to foreclosure in 2009 as they did the prior year," Timothy Warren said. "The bad news is that more people faced foreclosure, as they struggled with unemployment and other economic hardships. Efforts to modify mortgage loans and a Massachusetts Land Court decision which forced some lenders to hold back on recording foreclosure deeds or to restart them after proper mortgage assignments have been made helped to temper foreclosure activity last year."
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