Nov 20, 2008 9:30 am US/Eastern
Mass. Foreclosures Up Nearly 70-Percent This Year
BOSTON (WBZ) ―
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Foreclosure deeds spiked more than 24 percent between September and October in Massachusetts, but there were fewer petitions to foreclose, which is the first step in the process.
The Warren Group reported Thursday that 993 foreclosure deeds were recorded in October, compared with 799 in September. October's foreclosure deeds also were 34 percent higher than in October 2007, when 739 were recorded.
Urban areas continue to be most affected by the crisis. Worcester, Springfield, Dorchester, Brockton and Lawrence had the most foreclosure deeds in October.
Check the county-by-county breakdownOctober's numbers remain below spring and summer statistics, when foreclosure deeds routinely exceeded 1,000.
"The good news is that the number of foreclosure deeds appears to have moderated from the peak activity in the spring and summer and lenders have filed fewer petitions to foreclose so far this year," said Warren Group CEO Timothy Warren Jr.
"Prodded by community and government leaders, lenders are working more diligently to pursue loan modifications."
But for the year, foreclosure deeds are up 68 percent, with 10,603 through 10 months this year, compared with 6,332 at the same time last year.
Lenders did initiate 33 percent fewer foreclosure petitions in October, with 1,507 filed last month, compared with 2,258 in September.
(© 2009 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)
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