There was a big increase in both new and completed foreclosures in March 2012, perhaps portending a coming increase in bankruptcy filings.
According to the Warren Group, which tracks real estate market activity, 850 Massachusetts properties were lost to foreclosure in March, an increase of 36% over the prior year.
There were a whopping 1621 foreclosure petitions filed in March, which was also a big jump of almost 55%. Foreclosure petitions are one of the first steps in the process, typically taken when homeowners fall at least three months behind in payments.
Bankruptcy filings may soon increase as well, because the bankruptcy filing can stop a foreclosure, even if a foreclosure petition has been filed in court.
By Doug Beaton