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Monday, September 12, 2011

August Bay State Foreclosure Deeds Reach Highest Level In 2011

Over the past year, foreclosures have fluctated, reaching new highs and lows. What's next for Massachusetts? Banker & Tradesman Managing Editor Cory S. Hopkins gives his take in this podcast. More than 900 foreclosures were completed in Massachusetts in August - the highest monthly level recorded so far this year, according to The Warren Group, publisher of Banker & Tradesman. 


A total of 937 foreclosure deeds were recorded in August, marking the largest amount in any month in 2011. June recorded the second highest amount at 931. Year-over-year foreclosure deeds dropped more than 22 percent from 1,207 in August 2010. A total of 5,465 foreclosure deeds have been filed so far this year, a near 45 percent decrease compared to 9,887 deeds recorded during the same period last year.

"We're seeing completed foreclosures hover around the 1,000 mark - a sign that lenders are beginning to work through the backlog and finalize the foreclosure process," said Banker & Tradesman Managing Editor Cory S. Hopkins. "Foreclosures have been delayed by robo-signing and other documentation problems. This could certainly mean a glut of foreclosed homes will be pushed through the pipeline in coming months and years." 

Year-over-year petitions were down in August, dropping to 1,397 - a near 53 percent decline from 2,961 in August 2010. This is the second consecutive month petitions have exceeded 1,000 - and the fourth month so far this year. A total of 8,253 foreclosure petitions have been initiated so far this year, down 56 percent from 18,606 petitions filed the same period last year. 

The number of auction announcements tracked by The Warren Group also decreased in August. Auction announcements declined 36 percent to 1,266 from 1,988 in August 2010. From January through August, 11,373 auctions have been announced, a 44 percent decline from 20,456 auctions during the same period in 2010.

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