Foreclosures starts in Massachusetts were up nearly 42 percent in November compared to the year before, according to the Warren Group, a real estate tracking firm. In the first 11 months of 2015, the number of petitions initiating foreclosures increased 50 percent over the same period in 2014.
Lenders filed 910 foreclosure petitions in November of this year, up from 643 in November 2014, marking the 21st consecutive month of year-over-year double digit increases in filings. There were also 6,281 foreclosure auctions scheduled from January to November, a nearly 26 percent increase over the same time period the year before.
“We’ve been tracking this steady increase in foreclosures for some time,” Timothy Warren Jr., chief executive of the Warren Group, said in a statement. “It represents many of the larger lenders finally coming to grips with Massachusetts’ regulatory changes, and moving delinquent mortgages into the foreclosure process. I don’t believe these are new mortgages or that the homeowners have recently failed into default. For the most part these are problem loans that have been on the books as delinquent for months or years.”
By Katio Johnson Globe Staff Writer Jan. 5, 2016