Mass. foreclosures keep climbing
More than 1,200 foreclosures were recorded in Massachusetts in July, an increase of nearly 80 percent from July 2009, said the Warren Group, a Boston company that tracks local real estate activity and publishes Banker & Tradesman.
Last month, 1,243 foreclosure deeds were recorded, up from 692 in July 2009 and down from 1,315 in June 2010.
Meanwhile, July 2010 foreclosure petitions, the first step in the foreclosure process, fell by just over 20 percent on a year-to-year basis. Foreclosure petitions were 2,307, down from 2,899 in July 2009. July 2010 is the sixth straight month that foreclosure petitions have exceeded 2,000, the Warren Group said.
In a statement, Vincent M. Valvo, group publisher and editor-in-chief of Banker & Tradesman, said: "We've been seeing a trend of declining foreclosure petitions and increasing foreclosure deeds. Home owners are still under duress and the market isn't getting any better. With sales down and unemployment up, we are likely to see increasing foreclosure activity for the next few months."
(Valvo is shown at right in a company photo.)
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