June 19, 2007
May home auction announcements top 2006
By Matthew L. Brown
Foreclosure auction announcements in Massachusetts nearly tripled in May compared with year-before numbers, according to The Warren Group, publisher of Banker & Tradesman.
May also marked the eighth consecutive month in which more than 2,000 petitions to foreclose were filed, the Warren Group reported.
There were 1,589 announcements of foreclosure auctions in Massachusetts last month compared with 654 in May 2006, an increase of 143 percent. Petitions to foreclose rose 39.3 percent compared to May 2006, with 2,164 filed this year and 1,553 filed last year.
Petitions rose slightly from April, when 2,005 were filed in Massachusetts Land Court compared with 1,589 in May. Auction announcements, however, fell from April to May. There were 1,712 announcements in newspapers in April.
Petitions to foreclose are the first step in the foreclosure process, and do not always end in actual foreclosures. Some homeowners eventually sell their homes or refinance.
May also marked the eighth consecutive month in which more than 2,000 petitions to foreclose were filed, the Warren Group reported.
There were 1,589 announcements of foreclosure auctions in Massachusetts last month compared with 654 in May 2006, an increase of 143 percent. Petitions to foreclose rose 39.3 percent compared to May 2006, with 2,164 filed this year and 1,553 filed last year.
Petitions rose slightly from April, when 2,005 were filed in Massachusetts Land Court compared with 1,589 in May. Auction announcements, however, fell from April to May. There were 1,712 announcements in newspapers in April.
Petitions to foreclose are the first step in the foreclosure process, and do not always end in actual foreclosures. Some homeowners eventually sell their homes or refinance.
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