Posted on May 2, 2012
BOSTON, MAY 2, 2012 ---In its latest review of foreclosure data, Foreclosure Monitor reports that while foreclosure activity is up in the first quarter of 2012, the increase was not enough to overcome the overall decline in foreclosure distress from its peak of two years ago.
Foreclosure Monitor's analysis of data from The Warren Group showed that the number of Massachusetts foreclosure petitions in Feb. 2012 was 101 percent higher than Feb. 2011, an increase from 694 to 1,394 petitions. Despite the spike, the Feb. 2012 increase remained 34 percent below the Feb 2010 number of 2,122 petitions.
What this means is that banks are still having trouble working through the backlog of foreclosures. The more quickly they can do this, the faster the overall market will recover.
Foreclosure Monitor is also reporting that the slow, gradual shift of distress away from urban areas into suburban and rural areas resumed in the first quarter of 2012. In its last report, Foreclosre Monitor noted that this shift had slowed down. The slowdown appears to have been short-lived.
To read the full report, click here.
What isForeclosure Monitor?
Foreclosure Monitor is an ongoing effort by MHP to give policy leaders and local officials the latest data on how foreclosures and distressed properties are impacting communities and the Commonwealth of Massachusetts. For previous reports, check Foreclosure Monitor out at www.mhp.net/foreclosuremonitor.