Mass. Foreclosures Hit 2011 High

Foreclosures in Massachusetts are at a high for the year.

Realty-tracking firm The Warren Group reported Monday that the number of completed foreclosures in June jumped 42 percent, compared to the previous month.

Vincent Valvo, editor of Banker & Tradesman, says the rise is not unexpected, but it's coming at a bad time.

"We knew that foreclosures were going to be popping back up into the pipeline," Valvo said. "We had hoped that there might be a little bit more slow of a delay, given that the housing market right now is not doing very well.

"I'm very concerned over what the system's going to be able to handle, to what all this is going to do to consumer and business confidence," he added.

Foreclosure petitions, the first step in the process, also rose in June.

Foreclosures had slowed in recent months as lenders took more time for the process' paperwork.

This program aired on August 8, 2011. The audio for this program is not available.


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