Skip to main content

Massachusetts Foreclosures Up Nearly 60 Percent

Phil Hall
Jul 01, 2015

The level of foreclosures in Massachusetts skyrocketed during the first five months of 2015.

The Boston Globe, citing Warren Group data, reports that banks launched 4,430 foreclosures in Massachusetts from January through May, up nearly 60 percent from the 2,776 level in the same period in 2014. Completed foreclosures climbed 89 percent to 344, with the greatest level of activities in the cities of Brockton, Springfield and Worcester.

Jon Skarin, vice president of the Massachusetts Bankers Association, stated this sudden explosion in foreclosure activity is based on lenders being able to sort through the intricacies within 2012 state laws on property repossession, which resulted in a near moratorium on foreclosures. This new wave of foreclosures breaks a longstanding backlog that included situations where borrowers had not made a mortgage payment in two years or more. Skarin added that he did not expect to see another spike in this activity in the near future.

“Nobody wants to see foreclosures going up,” he said. “Our hope is that in the next six months you’ll start to see the process get a little more normal and the numbers start to return to a more stable environment.”

Tim Davis, an independent housing research and policy consultant, agreed that this situation is not likely to be repeated.

“There’s more predictability,” he said. “Lenders now know how to cross their ‘t’s’ and dot their ‘i’s’. That’s the reason they’re cleaning up now.”

Jul 01, 2015
Guild Mortgage Acquires Cherry Creek Mortgage

Terms of purchase not disclosed; reverse mortgage volume added to Guild.

Mar 14, 2023
Vigilance, Dedication, And Commitment Forge Legends

Submit a nomination for Mortgage Banker Magazine’s Legends of Lending.

Mar 10, 2023
FTC Moves To Block Black Knight, ICE Merger

Says it 'would drive up costs, reduce innovation, and reduce lenders’ choices.'

Mar 09, 2023
Rocket Arms Brokers With Bully Shield Vs. UWM

Rocket covers penalties and court fees for brokers who want to get out of United Wholesale Mortgage’s ultimatum contract. 

Feb 06, 2023
Top Texas Originator Sees No Surrender To 2023

Big cities will determine the battle

Jan 26, 2023
There’s Good & Bad News On The Horizon

There will be a real estate slump, but the big cities are coming out much better

Jan 26, 2023