The number of foreclosure petitions in Massachusetts increased 13.1 percent in June, marking 28 straight months of year-over-year increases in foreclosure starts, and that trend is expected to prevail through the end of the year, The Warren Group reported.
Lenders filed 1,002 petitions to foreclose in June, up from the 886 petitions filed in June of last year. A petition is the first step in the foreclosure process and involves the lender filing a notice of intent to foreclose with the state’s Land Court.
“Foreclosure starts continued to climb in the first two quarters of 2016, but the rate of increase has slowed,” Timothy Warren Jr., CEO of The Warren Group, said in a statement. “Lenders continue to work through a backlog of delinquent mortgages and get foreclosure proceedings started on the most difficult cases. The higher volume of starts that we have been seeing over the past two years is likely to continue for the balance of the year.”