BOSTON – Announcements of foreclosure auctions in Massachusetts declined last month compared with April but more than doubled compared with May 2006, according to The Warren Group Inc.
The May total of 1,589 represented a decline of 7.2 percent from the 1,712 foreclosure announcements posted in April but an increase of 143 percent from the 654 posted in May 2006.
The number of foreclosure petitions filed in Mass. Land Court in May exceeded 2,000 for the eighth straight month, The Warren Group said.
A total of 2,164 petitions were filed in May, 7.9 percent more than April’s 2,005 and 39.3 percent more than May 2006’s 1,553.
“As we can see from May’s numbers, foreclosures are still affecting homeowners across Massachusetts, and the Bay State has not yet seen this problem peak,” said Timothy Warren, CEO of The Warren Group.
“As we see a higher number of homes make it farther through the foreclosure process” – averting a foreclosure is possible even after an auction has been announced – “it becomes evident that homeowners are finding it difficult to refinance their mortgage or sell their homes before they reach auction,” he said.
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“Lawmakers and state officials have taken notice,” Warren noted. “Most recently, it was Attorney General Martha Coakley, who placed a 90-day moratorium on foreclosure rescues.
The Warren Group Inc. is a provider of New England real estate data and the publisher of Banker & Tradesman and other journals. Additional information is available at www.thewarrengroup.com.
