Lenders filed 740 petitions to foreclose in April compared with
327 filings in April 2013. April also marked the highest number of petitions
filed so far this year. A total of 2,203 petitions were filed in the first four
months of this year, an 8.2 percent decrease from the 2,400 petitions filed in
the same timeframe last year.
"There is no need to sound the alarm for another crash in
the real estate market," said Timothy M. Warren Jr., CEO of The
Warren Group. "Foreclosure starts are up by dramatic percentages simply
because a backlog of long-delinquent mortgages is emerging from the pipeline. New
regulatory rules for executing foreclosures have been clarified, and lenders
are processing delayed petitions to foreclose. Mortgage delinquency rates in
Massachusetts are actually falling."
Foreclosure deeds reported a 26.4 percent decrease in April with
173 deeds filed compared with 235 filings in April 2013. This month's filings
were the lowest since April 2006. A total of 927 deeds were filed in the first
four months of this year, a 7.1 percent decrease from the 998 deeds filed
during the same period last year. Deeds represent completed foreclosures.
The
number of auction announcements tracked by The Warren Group rose slightly in
April compared with a year earlier. There were 379 auction announcements filed,
a 0.8 percent increase from the 376 announcements filed at the same time last
year. Overall, auction filings have decreased by 30.3 percent so far this year
with 1,030 filings compared with 1,478 filings at this time last year.
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