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Foreclosures Rise Once Again in Massachusetts

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Foreclosures Rise Once Again in MassachusettsThe most recent statistics issued by the real estate tracking firm the Warren Group showed that the number of foreclosure petitions filed in the Bay State rose to 1,192 in April, up 14 percent from March, according to a report from the Boston Globe. This was also the highest rate observed in the state since September. Typically, these actions are taken when consumers fall three months or more behind on paying their home loan bills.

[Related Article: Surprise! Consumers Still Paying Credit Cards Before Mortgages]

“Banks are picking up their foreclosure activity,” Nadine Cohen, a managing attorney for a nonprofit that works with low-income clients, told the newspaper. “The economy is never going to improve until we deal with the foreclosure crisis.”

However, despite the increases in March and April, the state’s foreclosure rate is still well below the number of actions taken through the first four months of 2010, the report said. In all, the number of petitions filed in 2011 is 58.6 percent less than last year’s total.

Many consumers may be facing foreclosure as a result of prolonged unemployment or other economic hardships brought on by the recent recession, which is still affecting a large number of homeowners.

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