March 31, 2008
More Multi-Fam. Foreclosures Begun Than Sales Closed In Feb.
By Matthew L. Brown
One foreclosure was begun for every 1.6 homes sold in Massachusetts in February, according to calculations by the Warren Group , the Boston-based publisher of Banker & Tradesman.
Two- and three-family homes were the hardest hit. For every one sold, 1.8 petitions to foreclose were filed.
The overall number of petitions to foreclose fell 11.7 percent between January and February but the 2,835 petitions filed in February is an increase of 27 percent from the 2,232 filed in the same month the previous year. Two- and three-family homes accounted for 635 of the petitions filed in February.
A petition to foreclose is the first step in the foreclosure process and doesn't necessarily end in foreclosure. Some homeowners sell their homes, refinance or find some other way to stop the foreclosure proceeding.
Foreclosure auction announcements were up 21.1 percent in February compared to the same month last year.
Two- and three-family homes were the hardest hit. For every one sold, 1.8 petitions to foreclose were filed.
The overall number of petitions to foreclose fell 11.7 percent between January and February but the 2,835 petitions filed in February is an increase of 27 percent from the 2,232 filed in the same month the previous year. Two- and three-family homes accounted for 635 of the petitions filed in February.
A petition to foreclose is the first step in the foreclosure process and doesn't necessarily end in foreclosure. Some homeowners sell their homes, refinance or find some other way to stop the foreclosure proceeding.
Foreclosure auction announcements were up 21.1 percent in February compared to the same month last year.
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