Lately Increasing Number of Foreclosures are Expected (Part I)
Posted in Foreclosure, September 2nd, 2009
Foreclosures have currently showed signs of being steady in the local market over the past few months, much like the trend that is being experienced in other states too, in this part of the world. However, off late, more number of foreclosure has started to take place.
In the month of June the number of housing foreclosures in this part of the world again increased, after dropping straight for the last two months or so, and the number of such filed petitions to initiate the foreclosure process also experienced an increase.
In the local market, the actual number of foreclosures that were recorded was almost even in Dedham, Norwood, Westwood and Walpole, but filed petitions in relation with this aspect were up significantly.
The latest figures provided by the Warren Group reveals that 621 foreclosures deeds were recorded amongst all the states in June, which was found to rise by 6.7 percent from the 582, which was evidenced in May. However, although foreclosure deeds decreased by 45.1 percent as compared to June 2008, which recorded 1,131 such cases, the situation still does not seem to settle down.
“Even though the number of foreclosure deeds has declined from a year ago, they crept up from the prior month, and we’re seeing more people in the initial stage of foreclosure. Timothy Warren Jr. the CEO of the Warren Group commented, “That’s troubling.”
In the month of June, the foreclosure petitions that were filed throughout the state inc up increased by 2,835 – which is 21.7 percent higher than that of 2,329 which was filed in the month of May, which is somewhat more than eight times the figure of 350 which was filed in June 2008. The foreclosure petitions that were filed in the month of June were much more than the same data for the last 13 months.
As per Warren’s observations, “June’s foreclosure petitions were close to the historical highs we saw in the early part of 2008.” He further commented that, “We saw a big drop-off in foreclosure petitions in the middle of last year after the state passed a law requiring lenders intending to start foreclosure proceedings to give defaulting borrowers 90 days to catch up with missed payments. But in subsequent months, petitions to foreclose mounted.”
In the month of June the tenure of 2008 and June 2009, the proportion of home foreclosure petitions recorded an increased from one to six both in Dedham and Norwood, and from zero to two in Westwood, and from two to 12 in Walpole.
