December 30, 2008 Elad Bushari

The number of foreclosure deeds recorded in Massachusetts dipped in November compared to the prior month, but jumped 38 percent from the same month last year, according to Banker & Tradesman.

A total of 880 foreclosure deeds were filed in November, down 11.6 percent from 996 in October and 37.9 percent higher than the 638 foreclosure deeds recorded in November 2007. The November number is considerably lower than the spring and summer when more than 1,000 deeds were being recorded each month. Year-to-date foreclosure deeds have shot up 64.8 percent to 11,486 from 6,970 during the first 11 months of the year.

Fewer petitions to foreclose were filed by lenders in November. Foreclosure petitions, which are the first step in the foreclosure process, fell 50.9 percent to 1,335 compared to 2,721 a year earlier and were 31.8 percent lower than October’s 2,065 petitions. A total of 20,179 foreclosure petitions have been filed from January through November, down 24.8 percent from 26,848 during the same months in 2007.

There were 1,134 auction announcements in November, a 27.9 percent increase from 887 a year earlier. Year-to-date auction announcements have jumped 34.2 percent to 18,064 from 13,465.

Elad Bushari

Elad Bushari is the Broker / Owner of Bushari Group Real Estate and a National "30 Under 30" Honoree by REALTOR Magazine in 2009.

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