The state of Massachusetts continued to experience an increase in foreclosure deeds during the month of May, according to a new report from The Warren Group, which also is publisher of Banker & Tradesman.
Foreclosure deeds are filed during the final step of the foreclosure process.

The report says in the month of May, foreclosures in Massachusetts hit another record high, with foreclosure deed filings hitting 1,405 in May of this year—a 107.5-percent increase when compared to May of last year. Deeds also rose 5.3-percent between April and May of 2008.
Meanwhile, petitions to foreclose—the first step of the process and one that can be remedied early on—fell 81.9-percent from 2,158 in May of 2007 to 390 last month. The Warren Group still believes a new law that requires parties to wait longer before starting the foreclosure process has caused the petition numbers to plummet in the state.
“It’s still extremely difficult for homeowners to halt the foreclosure process once it’s begun,” said Timothy Warren, chief executive officer of The Warren Group. “The slow housing market makes it hard to sell a home that is in danger of being foreclosed, and the tight credit market makes it a challenge for those with less-than-perfect credit to refinance. This law may give homeowners a little more time to resolve their problems, but I expect to see a flood of petitions to foreclose after 90 days of this law being in effect.”