Search

A
A+
A++

Local News

Digg |

Facebook |

Stumble It! |

del.icio.us |

Fark
E-mail | Print

Jun 30, 2008 10:52 am US/Eastern

Home Foreclosures Double In Mass.

React: How Is Economy Affecting You?
View: Money Saving Tips

BOSTON (AP) ― Home foreclosure deeds more than doubled in Massachusetts last month, although a new state law has yielded a temporary decline in foreclosure petitions, the first step in the process.

The Warren Group said Monday that deeds -- the final step in a foreclosure -- rose to 1,405 in May. That's up from 677 in the same month a year ago.

The Boston-based publisher of real estate data also says petitions to foreclose fell nearly 82 percent compared with the same month a year ago, to 390.

But the decline is temporary, because of a foreclosure-prevention law recently approved by state lawmakers. The law creates a 90-day cooling off period before foreclosure proceedings can begin in court. Previously, those proceedings could begin within 30 days after a borrower went into default.