Springfield is Highest in Foreclosures in MA during 2010

Springfield highest in foreclosures
Thursday, December 30, 2010
By JIM KINNEY
Business writer

SPRINGFIELD – The 575 foreclosure deeds filed for Springfield in the first 11 months of 2010 were the highest number of completed mortgage foreclosures of any city or town in the state for the time period.

The number of filed foreclosure deeds, typically one of the final stages of the foreclosure process, was up 23.92 percent year to date from 464 foreclosure deeds filed in the first 11 months of 2009, according to statistics released Wednesday by The Warren Group, a Boston-based provider of real-estate data.

But the number of foreclosure petitions, an early stage in the foreclosure process, fell in the first 11 months of the year by 13.4 percent from 1,054 in the first 11 months of 2009 to 913 in January through November of 2010.

Springfield looked a little better comparing November 2009 to November 2010. The number of foreclosure deeds fell 47.83 percent from 46 in November 2009 to 24 last month.

Those numbers are mirrored in statewide statistics. The number of foreclosure deeds filed in Massachusetts is up 39.68 percent from 8,412 in the first 11 months of 2009 to 11,750 in January through November 2010, also according to The Warren Group.

The number of early-stage petitions statewide have fallen 42.75 percent from 1,937 in the first 11 months of 2009 to 1,109 in the first 11 months of 2010.

Statewide, the number of foreclosure deeds filed in November fell 40.74 percent from 702 in November of 2009 to 416 in November 2010.

Some lenders, under pressure from the federal government, declared a moratorium for the last few months of 2010, said Deborah L. Broaden director of home ownership programs at HAP Inc. and the Western Massachusetts Foreclosure Center.

Charles H. Rucks, executive director of Springfield Neighborhood Housing Services, said the people in mortgage trouble now are not victimized by sub prime loans with rising interest rates. Instead they had good loans but lost their jobs or had their hours cut back at work.

“The economic situation is just so tenuous right now,” Rucks said.

The federal government is rolling out the department of Housing and Urban Development’s Emergency Homeowner Loan Program some time before March, Rucks said. To qualify, a family must have lost at least 15 percent of its income.

In Hampden County as a whole, the number of foreclosure deeds is up 37.62 percent from 731 in the first 11 months of 2009 to 1,006 this year, according to The Warren Group.

In Hampshire County, the number of foreclosure deeds filed year-to-date is up 82.02 percent from 89 in the first 11 months of 2009 to 162 in 2010.

In Franklin County, foreclosure deeds are up 71.83 percent from 71 in the first 11 months of 2009 to 122 in 2010.

Jim Kinney can be reached at jkinney@repub.com

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