Mass. Foreclosure Petitions Soar In January
A report out Thursday shows Massachusetts foreclosure activity rose sharply in January, posting double-digit increases in the number of foreclosure petitions filed, the first step in the process.
The Warren Group, which published the report, says the number of petitions rose 68 percent in January, compared to the same time last year. They credit the rise to the fact that banks have been moving through a backlog of foreclosure paperwork.
But Cory Hopkins, managing editor of Banker and Tradesman, which is published by The Warren Group, says the numbers are not as bad as they look.
"The number of deeds filed, the last step in the process, seems to have fallen, or seem to be falling, especially compared to the last quarter," Hopkins said.
The 2012 foreclosure numbers, according to Hopkins, may seem inflated because a number of banks stopped processing foreclosures for part of 2011.
"There were all kinds of moratoriums issued, both voluntary and imposed," Hopkins said. "So a lot of banks really kind of slowed down in the foreclosure process."
This article was originally published on March 01, 2012.
This program aired on March 1, 2012. The audio for this program is not available.