Foreclosure Deeds in MA Push Past 07 Level

Foreclosure deeds in Massachusetts jumped 34% in July from a year ago, but declined slightly from June, according to a new report by The Warren Group. A total of 1,097 foreclosure deeds were filed in July, up from 819 in July 2007. July's foreclosures deeds were 3% lower than June when 1,131 deeds were recorded. Foreclosure activity has doubled so far this year, with 7,804 deeds filed through July 2008 compared to 3,902 during the same period in 2007. The number of deeds from January through July has already exceeded the total number recorded for all of 2007, when there were 7,653 deeds. "The bad news is that we have more foreclosures so far this year than all of last year. But on a more positive note, foreclosure activity appears to have moderated," said Timothy Warren Jr., CEO of The Warren Group. "The number of foreclosure deeds has dropped 22% from a peak in May of this year, when 1,405 deeds were recorded." Petitions to foreclose rose 43.4% to 502 in July from 350 in June. But petitions fell 79.8% from July 2007, when lenders filed 2,485 foreclosure petitions. The sharp drop-off is connected to a law that took effect in May that requires lenders intending to foreclose to give borrowers 90 days to pay off loan defaults, the company said.