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Foreclosures Increased Last Month in Waltham

Waltham's foreclosure rate increased in May as did the number of foreclosures statewide.

Foreclosures in Waltham increased last month, according to newly released data.

Five foreclosure requests were made in May, up from none in April, according to new data from The Warren Group. To date, 17 foreclosure requests have been made in Waltham, a 70 percent increase over the same time last year. The trend mirrors the doubling of statewide foreclosure requests, according to the data.

The increase comes as a $25 billion settlement between the country’s largest loan lenders and homeowners is expected to drive up the number of foreclosures, according to a press release from The Warren Group.

"Foreclosures are expected to rise throughout this year. We're seeing banks acting more aggressively in resuming foreclosures that were put on hold in 2011," Warren Group editorial director Cory S. Hopkins said in a statement. "In order to return to a healthier market, we need these distressed properties to get cleared from banks' books. The increased activity also leads to opportunity for buyers. 

The number of completed foreclosures increased by 100 percent from two to four last month compared to the same time last year, according to the data. To date, there have been 15 completed foreclosures, one less than the same time last year.

There were no foreclosure auctions last month in Waltham, while statewide auctions dropped by 27 percent, according to the data.

 

Related Topics: Home Guide, Waltham Foreclosures, and waltham real estate

NonnyMus

1:20 am on Friday, June 29, 2012

It sounds like the Warren Group has learned nothing from the settlement with the Department of Justice! "The agreement provides substantial financial relief to homeowners and establishes significant new homeowner protections for the future."

Or maybe they know that the $20 billion mortgage servicers are required to dedicate to consumer relief will not be forthcoming... or enough.

It will be interesting to see if Bank of America Corporation, JPMorgan Chase & Co., Wells Fargo & Company, Citigroup Inc. and Ally Financial Inc. (formerly GMAC). will immediately start to violate the new consumer protection standards!

Also, calling a home a "distressed property" distances us from the reality, which is too often a distressed family losing their home.

To learn more about the settlement mentioned, go here: http://www.justice.gov/opa/pr/2012/February/12-ag-186.html

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