August 2, 2007
Yup, it's that bad
By Cory Hopkins
With only half the year gone, announcements of foreclosure auctions in the state have more than doubled compared to last year at the same time, according to The Warren Group, publisher of Banker and Tradesman.
Through the end of June of this year, 7,539 impending auction announcements have been made, compared to 2,797 last year, a jump of 170 percent.
When comparing stand-alone numbers for the month of June, auction announcements rose 83.9 percent in June 2007 over June 2006, to 1,322 from 719 last year.
Petitions to foreclose also rose in June, with 2,309 petitions filed by mortgage holders in Massachusetts Land Court, a 74 percent jump over June 2006. Petitions to foreclose are the first step in the foreclosure process, and do not always end in actual foreclosure.
In an effort to find a silver lining, auction announcements in June fell 11.1 percent compared to May of this year.
In Worcester County, 353 petitions to foreclose and 247 auction announcements were filed in June of this year, increases of 65 percent and 70 percent compared to last year, respectively.
Through the end of June of this year, 7,539 impending auction announcements have been made, compared to 2,797 last year, a jump of 170 percent.
When comparing stand-alone numbers for the month of June, auction announcements rose 83.9 percent in June 2007 over June 2006, to 1,322 from 719 last year.
Petitions to foreclose also rose in June, with 2,309 petitions filed by mortgage holders in Massachusetts Land Court, a 74 percent jump over June 2006. Petitions to foreclose are the first step in the foreclosure process, and do not always end in actual foreclosure.
In an effort to find a silver lining, auction announcements in June fell 11.1 percent compared to May of this year.
In Worcester County, 353 petitions to foreclose and 247 auction announcements were filed in June of this year, increases of 65 percent and 70 percent compared to last year, respectively.
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