July 30, 2008
Foreclosures Double For First Half Of Year
The state's foreclosure deeds more than doubled in the first half of 2008.
The Warren Group, publisher of Banker & Tradesman, says 6,707 foreclosure deeds were recorded in the first six months of 2008, up 117.6 percent from last year. In June, 1,131 were recorded, up 50 percent from June 2007. However, that number was down 19.5 percent from May 2008, when 1,405 deeds were recorded.
Foreclosure deeds are the last step in a foreclosure. The first step in the process, petitions to foreclose, fell to 350 in June. That's 84.8 less than in June 2007. Many foreclosures have been postponed by a law that took effect in May, which requires lenders to give borrowers 90 days to pay off loans before starting a foreclosure.
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