Massachusetts has something to feel good about its forclosure statistics because the number of its forclosure deeds declined in March by 18 percent, compared to March 2008, according to real estate tracking firm Warren Group.
The total number of forclosure deeds in March was 953. This figure however represents a 15.4 percent increase from the number of forclosure deeds from the previous month. There were also more forclosure filings in March, compared to February, but less filings when compared to February 2008.
According to Timothy Warren, Jr., chief executive of Warren Group, the higher number of forclosure deeds in March last year could be because of lenders’ efforts to file forclosures before a Massachusetts law about the notification of delinquent borrowers would be implemented. In the following weeks, Massachusetts passed a law which required lenders to notify homeowners at least 90 days before initiating a forclosure deed.
Warren also explained that the number of forclosure deeds in March was higher than February levels because many forclosure moratoriums were still in place in February, which delayed foreclosure filings. The forclosure deeds increased when the moratoriums were lifted.
In March 2008, there were 1,167 forclosure deeds, and the total number in the first quarter in the same year is 2.5 percent more than the total number of forclosure deeds in March this year.
The number of forclosure petitions also increased to 2,381 in March , compared to 2,295 petitions in February. But when compared to March 2008, the number of petitions dropped by 19.5 percent. In Massachusetts, filing for forclosure petitions is the first action in foreclosing a delinquent property.
The number of home auction announcements also increased in March by 19.2 percent from February figures. But compared to March 2008 figures, the number of home auction announcements dropped by 48.9 percent.
During the first quarter this year, 3,324 home auction announcements were posted, a decrease of 34.5 percent compared to last year’s first quarter.
Housing analysts said that in 2009, one of the major factors in the increase of forclosure filings is the rising unemployment rate. As more people lose their jobs, more homeowners lose their homes to forclosure.
During the first quarter, Massachusetts is 27th in RealtyTrac’s chart on state forclosure rates. It had 4,282 lis pendens, 11 notices of trustee sales, 1,401 notices of forclosure sales and 2,499 real estate owned sales. All in all, the state had 8,193 forclosure filings in the first quarter.
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