Massachusetts foreclosures climb
for second straight month
Source:
Informa Research Services
(05/20/2011) The
number of foreclosure petitions filed in the state of Massachusetts in April
rose once again, indicating that the problem may not stop for several more
months.
The
latest study from the real estate tracking company the Warren Group showed that
April saw 1,192 foreclosure petitions filed in the Bay State, an increase of 14%
from March, and the highest total in a single month since September, according
to a report from the Boston Globe. These petitions typically come after a
homeowner falls three months or more behind on their mortgage
payments.
Foreclosure
can be troubling for homeowners, but can also be avoided through refinancing an existing home loan. By seeking the latest online rate tables to obtain the
best local mortgage rates, consumers can save hundreds of dollars a month on
their home
loan payments.
"Banks
are picking up their foreclosure activity," said 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."
Despite
the in foreclosure, the number of petitions filed in Massachusetts so far this
year is still 58.6% lower than last year, the report said.
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