Regional Spotlight: Number of Petitions to Foreclose Filed in First Three Quarter Eclipses All of 2006

RISMEDIA, Dec. 5, 2007-The number of foreclosure deeds in Massachusetts so far this year has nearly tripled when compared to the same time period last year, according to the latest figures from The Warren Group, publisher of Banker & Tradesman.

Meanwhile, more petitions to foreclose were filed in Massachusetts during the first three quarters of 2007 than during all of 2006, The Warren Group said.

Through October of this year, there were 6,324 foreclosure deeds in Massachusetts, compared to 2,112 at the end of October 2006. There were just 2,634 foreclosure deeds in the state for all of 2006.

Foreclosure deeds in the month of October jumped 119.5%, from 333 last year to 731 this year. Deeds are also up when compared to the 673 in September 2007.

Petitions to foreclose are the first step in the sometimes lengthy foreclosure process, and do not always end in actual foreclosure.

Petition data for September is the latest full month available from Massachusetts Land Court.

“Petitions to foreclose in September might have fallen when compared to August, but I think we’ll see petitions during the rest of this year continue their steady upward march,” said Timothy Warren Jr., CEO of The Warren Group. “August’s numbers were incredibly high, but we will probably see them matched before too long. Petitions may seem to have calmed a bit in September, but that is likely temporary. I think we’ll see more record-breaking numbers before the end of 2007.”

For more information, visit www.thewarrengroup.com or call 617-428-5100.

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