Mass. Foreclosure Activity Up In March
Massachusetts foreclosure petitions, the first step in the foreclosure process, increased 55 percent in March compared to the same time last year, while completed foreclosures rose 37 percent, according to a new report out from The Warren Group.
Analysts say the increase is due to lenders working through last year's backlog of foreclosures created by faulty paperwork.
"Banks are stepping up foreclosures all over the country and Massachusetts is no exception," Warren Group CEO Timothy Warren said in a statement. "Since the suit by state attorneys general over foreclosure abuses has been settled, a cloud has lifted and we may see numbers continue to rise."
The Warren Group also noted that, despite the increase, foreclosure activity is still below the peak levels we saw from 2007-2010.
This program aired on April 26, 2012. The audio for this program is not available.