Worcester County, Massachusetts had a total of 302 petitions for foreclosures in the month of April. That figure is up 42 percent from the same month last year, according to The Warren Group, which tracks residential real estate transactions in the state. A petition for foreclosure is the first step in the foreclosure process. Statewide, Massachusetts had 1,750 foreclosure petitions, up 47 percent over the year.
The final step in the foreclosure process is a foreclosure deed. A total of 149 foreclosure deeds were filed in April in Worcester County, which is a 54 percent increase over the last year. The statewide figures for foreclosure deeds included 714 in April, which is a 19 percent increase over April 2011 numbers. According to The Warren Group's editorial director, because foreclosure rates were so low in 2011 it would appear inevitable that we would see an increase in foreclosures across the state this year.
The trade journal published by The Warren Group, Banker & Tradesman, had 170 foreclosure auction notices advertised for Worcester County in April. That number reflects a 31 percent decrease in the numbers over the year. Statewide foreclosure notices dropped only two percent over the year.
A foreclosure auction can be great way to purchase residential real estate at a great bargain however, the process might be a little tricky for some. A law firm focused on all aspects of residential real estate, from financing mortgages to foreclosure law and deeds and titles could be a great resource in learning what steps are needed to either purchase or sell a foreclosure property.
Source: News Telegram, "Foreclosures surge in Worcester County," Lisa Eckelbecker, May 29, 2012