Foreclosures Up in MA, 61% Increase From Last Year

The Boston Globe has reported that foreclosure starts in Massachusetts in September, 2015 have increased 61% from the figure reported in the same month last year. According to the Warren Group, a Boston real estate publisher, the rise in foreclosure petitions is due to a backlog of foreclosures that were delayed pending the outcome of court cases and regulatory decisions that affect such cases.

Figures released by RealtyTrac®, the nation’s leading source for comprehensive housing data, confirm this trend. According to the Q3 and September 2015 U.S. Foreclosure Market Report™, third quarter foreclosure activity increased in 32 states, including Massachusetts, over last year’s rate.

“In states such as New Jersey, Massachusetts, and New York, a flood of deferred distress from the last housing crisis is finally spilling over the legislative and legal dams that have held back some foreclosure activity for years. That deferred distress often represents properties with deferred maintenance that will sell at more deeply discounted prices, creating a drag on overall home values.

RealtyTrac reports that Boston experienced a 51% increase in foreclosure activity in Q3 of 2015 over the same period last year. Ten other large cities around the country experienced increases in foreclosure activity, including St. Louis, Houston, Dallas, New York City, Atlanta, Philadelphia, and Washington, DC.

About MAAPL

The Mass. Alliance Against Predatory Lending (MAAPL) is a coalition of over 60 housing counseling agencies, legal services groups, social service agencies, and community-based social action groups that have joined together to address the foreclosure crisis in Massachusetts.

MAAPL collects and distributes timely information on the foreclosure crisis and its effects to the public and to its member groups, drafts and supports legislation that provides important protections to homeowners and tenants facing foreclosure and eviction, documents the impact of the foreclosure crisis on local communities, networks with related organizations throughout the Commonwealth, and provides tools and information to help people navigate the legal system and advocate on their own behalf more effectively when challenging a foreclosure or eviction in court

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