Massachusetts foreclosures down prior to BofA moratorium: Warren Group
Foreclosure starts in Massachusetts dropped 6.7% in September from a year ago according to the Warren Group, which tracks real estate data in New England. The 2,358 starts, or petitions to foreclose, in September was also a 23% fall from August. Petitions have exceeded 2,000 every month since February for a total of 20,964 this year, down 3.1% from the same period in 2009. Major servicers suspended foreclosures in 23 states to review faulty foreclosure documentation, but only Bank of America (BAC) suspended foreclosures across the country. Warren Group CEO Timothy Warren said the market will have to wait until November to understand the impact of the BofA moratorium, which the bank said is scheduled to lift Oct. 25. Warren added BofA is involved in 2,000 pending foreclosure cases in Massachusetts. Completed foreclosures climbed on a yearly basis for the ninth-straight month in September. There were 890 foreclosure deeds filed in September, the final stage of the foreclosure process. It's a 26.6% jump from last year. But on a monthly basis, deeds dropped 26% from the previous month. It's the first month deeds fell below 1,000 for the first time since February. Write to Jon Prior.