The number of foreclosure deeds recorded in Massachusetts spiked in October, but lenders filed fewer petitions to foreclose – the first step in the foreclosure process, according to Banker & Tradesman.
The number of foreclosure deeds recorded in October jumped 24.3 percent to 993 from 799 in September. October foreclosure deeds are also 34.4 percent higher than the 739 deeds recorded in October 2007. Foreclosure activity has eased compared to the spring and summer, when the number of deeds recorded each month exceeded 1,000. Still, year-to-date foreclosure deeds have surged 67.5 percent to 10,603 from 6,332 during the first 10 months of last year.
Lenders initiated fewer foreclosures in October. The number of foreclosure petitions filed by lenders fell 33.3 percent to 1,507 in October from 2,258 in September. Foreclosure petitions were also down 50.8 percent from a year earlier when 3,065 petitions were filed in October 2007. A total of 18,286 petitions to foreclose have been filed during the first 10 months of the year, down 24.2 percent from 24,127 during the same months in 2007.
Urban areas continue to be most affected by the foreclosure crisis. Worcester (76), Springfield (50), Boston’s Dorchester neighborhood (41), Brockton (37) and Lawrence (36) had the most foreclosure deeds in October.
There were 1,588 auction announcements in October, a 30.3 percent increase from 1,219 in October 2007. Year-to-date auction announcements spiked 34.1 percent to 16,870 from 12,578 last year.
This is a GOOD news, the only way for the market to get our of recession is to clear the foreclosures!