May 15, 2007
Property auction announcements quadruple in April
By Matthew L. Brown
Announcements for foreclosure auctions more than quadrupled in April compared to year-before numbers, and petitions rose 73 percent over April 2006 numbers, according to the Warren Group, publisher of Banker & Tradesman.
There were 2,005 petitions to foreclose filed in Massachusetts Land Court in April, compared with 1,156 in April 2006. There were slightly fewer petitions filed in April of this year than there were in March, when mortgage lenders filed 2,139.
Foreclosure auction announcements reached their highest point in years, with 1,712 auctions advertised in April. The announcements rose 355 percent over April 2006, when 376 auctions were advertised.
April also saw more auction announcements than the previous month. There were 1,111 auctions announced in March.
Petitions to foreclose are the first step in the foreclosure process, and do not always end in actual foreclosure. Some homeowners eventually sell their homes or refinance.
There were 2,005 petitions to foreclose filed in Massachusetts Land Court in April, compared with 1,156 in April 2006. There were slightly fewer petitions filed in April of this year than there were in March, when mortgage lenders filed 2,139.
Foreclosure auction announcements reached their highest point in years, with 1,712 auctions advertised in April. The announcements rose 355 percent over April 2006, when 376 auctions were advertised.
April also saw more auction announcements than the previous month. There were 1,111 auctions announced in March.
Petitions to foreclose are the first step in the foreclosure process, and do not always end in actual foreclosure. Some homeowners eventually sell their homes or refinance.
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