176,446 New Listings - March 2010 - Last update March 19, 2010 6:15 AM ESTMassachusetts Foreclosure Figures Are Mixed and Confusing
The foreclosure numbers of February 2009 were slightly less than February 2008. But it was higher in North Central Massachusetts according to the findings of The Warren Group.
In February there had been 860 foreclosure postings. This year February saw the number fall to 823 – calculating to a modest dip said Allaia Pikounis representing the firm. She said, “Overall, statewide, the deeds have been holding steady and the petitions are rising.”
Banks start foreclosure proceedings against borrowers when they default and finally take over the house for non-payment of dues. The filing marks the start of the foreclosure process.
The chief assessor of Leominster, Walter Poirier opines that the increasing number of foreclosure petitions indicates more trouble in the housing sector in the future. He said, “We’re not sure how many other sub-prime loans are out there.”
Fitchburg foreclosures have risen in February 2009 from what they were in February 2009. In 2008 February there were 11 foreclosure postings as against 15 this year. In January 2008 there had been 16 foreclosures, 16 postings in December 2008, 15 in November 2008 and 16 listings in October 2008.
Tom Caputi the assessor of Fitchburg said that looking at the figures it seems that the foreclosure number have been holding steady at 15. It seems to be stabilizing. Caputi is of the opinion that the overtures made by the banks are improving the figures and bringing it down from 26 in August 2008. He added, “The banks are willing to negotiate mortgages. That means more people are able to keep their homes and stall foreclosures.” Caputi is concerned that there may be more people nursing sub-prime mortgages and once they start defaulting the numbers will run out of control again. He said, “There’s a lot of inventory out there, and most if it is bank owned.”
The number of Leominster foreclosures has improved in February 2008 to 4 in February 2009. There seems to be signs of the crisis leveling off. Leominster had the highest number in June 2008 with 11 foreclosures. However this region has never been as badly mauled as other places. However one cannot be sure at this stage if this is an indication that the housing market is once more picking up. It is too early to guess.
Across the state there were 2,295 foreclosure petitions showing an increase of 17% from January 2009 when 1,960 foreclosures had been posted.
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