Report: State foreclosures spike again

The number of foreclosure petitions in Massachusetts grew for the seventh straight month in September, but one expert says the numbers are not an accurate reflection of what is happening in the housing industry right now.

Foreclosure petitions rose 68 percent from September 2013, while foreclosure deeds — finalized foreclosures — rose 5 percent from a year before, according to a report from The Warren Group. Petitions rose to 734 across the state and deeds rose to 294.

The spike is not concerning, said Cassidy Murphy, editorial director of The Warren Group.

"Most of what is happening right now is people clearing out their backlogs of what they didn't do," Murphy said. "It's not much to write home about."

The increase is because of an artificially suppressed foreclosure market last year while lenders waited for new legislation to be passed.

"(Lenders) were waiting to hear what they needed to do," Murphy said. "We were not seeing them do (foreclosures) at a normal rate."

Murphy said even the inflated number of foreclosure deeds pales in comparison to the height of the housing crash.

"There were thousands of foreclosures a month, now we're down to a couple hundred," she said.

She said the backlog of foreclosures that has been building up while lenders wait for legislative guidance may not be cleared until late next year.

"Things will be bouncing around a little bit," she said.

Anda sedang membaca artikel tentang

Report: State foreclosures spike again

Dengan url

http://terdiamtersipu.blogspot.com/2014/11/report-state-foreclosures-spike-again.html

Terdiam Tesipu