Mass. Foreclosure Deeds Drop, Petitions Rise
The state's housing market received mixed news today, from The Warren Group, which reported that foreclosure deeds dropped, but petitions rose 22 percent in October.
The number of foreclosure deeds, or completions, dropped to the lowest number so far this year, with 371 having been recorded during October. That was a 52-percent drop from the 775 of the same month last year. It was also the fewest number of deeds recorded since February 2007.
In Worcester County, foreclosure deeds for the month dropped more than 50 percent over last year, from 157 to 48. Middlesex County also saw a decline of more than 56 percent in October, from 103 to 45.
Year-to-date, there have been 6,861 foreclosure deeds filed this year, a 2.5-percent drop from 2011. Meanwhile, Middlesex County saw its completions drop 6.4 percent this year, from 1,031 to 965. However, they were up by 14 percent for the year in Worcester County, from 1,289 to 1,470.
"Foreclosure deeds declined for the fifth month in a row, another strong indicator of a housing market recovery," said Warren Group CEO Timothy M. Warren Jr. "However, foreclosure starts are often a leading indicator and the increase could be cause for concern."
Foreclosure petitions, or starts, spiked by 22 percent in October, over the same month last year, to 1,458. It was a slight increase from September's 1,420 and the highest number of petitions filed in October since 2009.
Foreclosure starts in Worcester County were up nearly 1 percent in October, to 215, while they jumped 14 percent in Middlesex County, to 219.
Year-to-date, petitions are up 44.5 percent over last year, to 15,334 from 10,610.
Image credit: FreeDigitalPhotos.net.
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