Mass. foreclosure petitions skyrocket in April
Foreclosure petitions in the Bay State more than doubled between April 2013 and April 2014, marking the second consecutive month of increased filings, according to The Warren Group.
Lenders filed 740 petitions to foreclose in April 2014, compared with 327 filings the prior year, The Warren Group found. April also marked the highest number of petitions filed so far this year, it said.
For the calendar year, though, filings are down 8.2 percent in 2014 to just more than 2,200, The Warren Group reported.
"There is no need to sound the alarm for another crash in the real estate market," said CEO Timothy M. Warren Jr. in a statement . "Foreclosure starts are up by dramatic percentages simply because a backlog of long-delinquent mortgages is emerging from the pipeline. Mortgage delinquency rates in Massachusetts are actually falling."
Foreclosure deeds, which indicate completion of the foreclosure process, fell 26.4 percent from 235 in April of 2013 to 173 this April. That’s the second lowest monthly total in seven years, according to The Warren Group.
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