Foreclosure Starts Rise For The 26th Consecutive Month

Massachusetts foreclosure petitions rose 16.6 percent between April 2015 and April 2016, according to a new report from The Warren Group, publisher of Banker & Tradesman. This marks the 26th consecutive month of year-over-year increases in petition starts as banks continue to work through their backlog of foreclosures.

Lenders filed 1,117 petitions to foreclose last month, compared with 958 filed in April of last year. There have been 4,484 petitions filed year to date in Massachusetts, a 26.2 percent increase from last year’s mark through April of 3,367.

Last month lenders filed 1,179 petitions, a 6 percent increase over March 2015. For the two years before that, every month saw a double-or triple-digit percent increase year-over-year.

“Foreclosure starts might be starting to moderate a bit. At least the rate of growth has slowed from the 55 percent increase that we saw in 2015,” Timothy Warren Jr., CEO of The Warren Group, said in a statement. “April’s total of foreclosure starts is modestly lower than we saw in February and March. However, lenders are still processing a backlog so it is unlikely that we will see a dramatic decrease in the number anytime this year.”

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