Monday, May 13, 2013

Is the foreclosure crisis over?

Early this morning I received a "breaking news" email from Banker and Tradesman:
A significant decline in Massachusetts foreclosures during the month of March indicates the foreclosure crisis is over, according to an article in Monday's issue of Banker & Tradesman.
Well that's certainly good news. I hope it's true although I'm not sure. According to B&T, there were 284 petitions to foreclose filed in March which represents an 82 percent decrease from 1,621 in March 2012. These petitions would be the initial filing in the Land Court for compliance with the Service Members Civil Relief Act. Our own statistics also show a big drop. For the period of January through April 2013, the number of foreclosure deeds was 59 compared to 146 recorded during the same four months in 2012. That's a 60% decline. Orders of notice dropped by half that amount, from 245 in Jan-Apr 2012 to 172 in the same months this year.


Jay Caggiano said...

Or is it that the Banks are afraid to proceed as grandstanding politicians in Massachusetts keep changing the laws? Delinquent mortgagors have the luxury of signing their mortgages under one set of laws and once they stop paying, another set of laws is created to protect them. With all the stories about the “Foreclosure Crisis” have yet to read a story about the Big Bad Banks foreclosing on someone actually making their payments!

Anonymous said...

There are many stories about banks foreclosing on homes with current mortgages, foreclosing on the neighbor of a someone who is in default, or foreclosing on homes that do not have a mortgage at all.

Here are some links to help inform you:

Anonymous said...