Massachusetts Foreclosure Petitions Rise 28.7 Percent in May
BOSTON — Petitions to foreclose, the first step in the foreclosure process, rose in Massachusetts during May for the 27th consecutive time on a year-over-year basis, according to The Warren Group.
The Boston-based provider of banking and real-estate data reported that lenders filed 1,130 petitions to foreclose in Massachusetts during May, up 28.7 percent from the 878 petitions filed in May 2015.
Year to date, there have been 5,614 petitions filed year to date in Massachusetts, a 26.7 percent increase from last year’s mark through May (4,430). Petitions occur when lenders file notice of their intention to foreclose with the commonwealth’s Land Court.
Timothy Warren Jr., CEO of The Warren Group, tried to put a silver lining on the numbers by noting that this year’s 26.7 percent gain in petitions marks a slowdown from last year, when petitions jumped 55 percent. However, he said, “it seems unlikely that the total number of foreclosure starts will start to decrease in 2016.”