Massachusetts foreclosures on the rise
September 2, 2010 - More homeowners in Massachusetts may be forced into relocating because of foreclosure.
A report by the Warren Group indicated that while foreclosure petitions, the first step in the process, dropped 20.4 percent in July, the number of homeowners who actually lost their properties to foreclosure soared 80 percent on a year-over-year basis. There were 1,243 foreclosure deeds recorded in the Bay State in July, up significantly from the 692 that were recorded in July 2009.
Additionally, 8,676 deeds have been completed so far this year, putting Massachusetts foreclosure activity on pace to exceed totals from 2008 and 2009, when 12,430 and 9,269 deeds were recorded, respectively.
Petitions to foreclose have topped 2,000 for six straight months, with July bringing another 2,307. While that was better than the 2,899 recorded in July 2009, it likely means that foreclosure activity will continue to increase for the next few months, said Vincent Valvo, editor-in-chief of Banker & Tradesman.
High amounts of foreclosures can also lead to lower property values for surrounding homes, reported the Boston Globe. Home values drops can make it more difficult for a relocating family to sell their home.
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