The number of completed foreclosures in Massachusetts jumped more than 70 percent in November, indicating that lenders have improved their ability to process foreclosure paperwork after a slowdown over the past 12 months, according to Warren Group, publisher of Banker & Tradesman.
A total of 714 foreclosure deeds were recorded in November, a near 71 percent increase from 418 deeds in the same month last year. However, year-to-date foreclosure deeds are down. A total of 7,685 foreclosure deeds have been completed this year, down nearly 35 percent from 11,752 deeds recorded during the same period in 2010. Meanwhile, the number of foreclosures initiated by lenders in Massachusetts dropped in November.
Last month, lenders filed 1,015 petitions to foreclose - which mark the first step in the foreclosure process in Massachusetts - an 8 percent decline from 1,109 a year earlier. “An increase in foreclosure deeds tells us that the backlog of foreclosures is moving through the process. The modest decline in petitions could indicate that an improving employment picture is leading to fewer mortgage delinquencies,’’ said Timothy M. Warren Jr., chief executive of Warren Group.