Wednesday, December 29, 2010

Foreclosures in Massachusetts plunge in November

Foreclosures in Massachusetts plunge in November

By Jenifer McKim, Globe Staff

Foreclosures plunged in November in Massachusetts as lenders suspended home seizures following increased scrutiny of their procedures, new data showed today.

Foreclosure deeds fell to 416 in November, dropping more than 40 percent from the number of foreclosures recorded during the same month last year and marking the lowest recorded number of foreclosures in the state in November since 2007, according to the Warren Group, a Boston company that tracks local real estate.

Petitions, the first step in a foreclosure process, fell to 1,109 in November, down almost 43 percent from November last year. November is only the third month in 2010 that foreclosure starts dropped below 2,000.

Timothy M. Warren Jr., cq chief executive of the Warren Group, said he'd expected foreclosures to fall because lenders temporarily suspended activity following increasing concerns across the US about sloppy and fraudulent procedures. Issues include admissions from bank workers now known as robosigners that they signed legal documents without reading them.

"With federal and state governments taking an even closer look at how banks are going about the foreclosure process, I suspect that petitions to foreclose will remain at low levels,'' he said.

To see town-by-town data, click here.


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