Foreclosure petitions hit highest level in a year
Foreclosure petitions, the first step in the Massachusetts foreclosure process, hit their highest number in more than a year last month, and foreclosures rose for the eighth straight month in August, the Warren Group said today.
Massachusetts foreclosure petitions rose 2,713 in August, up 13.2 percent from a year ago; 2,307 foreclosure petitions were recorded in July 2010, the Warren Group said.
Last month, 1,207 foreclosure deeds were recorded in Massachusetts, up from 659 in August 2009 and down from 1,247 in July 2010, said the Warren Group, a Boston firm that tracks real estate activity and publishes Banker & Tradesman.
"Despite reports that the recession is over, and the market is on its way to recovery, we are not out of the woods yet," Warren Group chief executive Timothy M. Warren Jr. said in a statement. "Foreclosure deeds are on track to outpace the record numbers in 2008, when there were 12,430 completed foreclosures. Job creation and employment numbers will have to improve before we see more recovery in these foreclosure reports."