ECONOMIC INDICATORS

Foreclosure starts surge 119% in Bristol County, Mass.

BLOOMBERG FILE PHOTO/JOSHUA LOTT
FORECLOSURE starts in Bristol County, Mass. surged 119 percent year-over-year in May.
Posted 6/21/12

BOSTON –Bristol County, Mass. foreclosure starts surged 119 percent in May compared with the same period last year as lenders across the state initiated a wave of new petitions on struggling borrowers, The Warren Group said Thursday.

There were 169 new Bristol County foreclosure starts in May, up from 77 in May 2011, the real estate data tracking firm said. That came after Bristol County foreclosure starts rose 31 percent in April.

Statewide, foreclosure starts in May rose at an even faster rate from last year, 147 percent.

Since the start of the year, foreclosure activity in Massachusetts, including Bristol County, has been accelerating while neighboring Rhode Island has seen foreclosures slow.

Along with foreclosure initiations, completed Massachusetts foreclosures rose 32 percent year over year in May.

Warren Group Editorial Director Cory S. Hopkins attributed the spike in Massachusetts foreclosure starts to the settlement between the country’s five largest lenders and state attorneys general over foreclosure abuses earlier this year.

"Foreclosures are expected to rise throughout this year. We're seeing banks acting more aggressively in resuming foreclosures that were put on hold in 2011," Hopkins said. "In order to return to a healthier market, we need these distressed properties to get cleared from banks' books. The increased activity also leads to opportunity for buyers."

Calendar
PBN Hosted
Events

Save the Date - Thursday, May 29th - for the Business Women Awards Luncheon at the Providence Marriott. Winners to be announced May 2nd.
  • Manufacturing Awards
    Only a few seats remain for PBN's Manufacturing Awards Dinner and Ceremony, Thur ...
  • 40 Under Forty
    It's the 10th Anniversary of 40 Under Forty, and PBN is planning a special event ...
  • Healthiest Employers
    Enrollment now open for the 2014 Healthiest Employers Program. Please take a mom ...
Advertisement
Purchase Data
Book of Lists
Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  •  
  • Purchase an e-File of the entire Book of Lists database
  •  
  • Purchase a printed copy of the Book of Lists
  •  
    National
    Local
    Latest News