Suntrust Foreclosure Homes and Other Foreclosure Types Down in MA

by Donald Hanz on Foreclosure Crisis

Foreclosure activities, including those related to bank foreclosures such as Suntrust foreclosure homes, declined in Massachusetts for the month of October 2010, based on data released by Warren Group. According to analysts, this is the first month in three years that foreclosure numbers declined to such a level.

Analysts also reported that the decrease in the number of Springfield bank foreclosures and other lender-related foreclosures in most areas of the state is mainly caused by several banks' decision to temporarily halt the processing and sale of foreclosed properties.

Data from Warren Group not only showed that completed foreclosures have declined, but also demonstrated how the temporary freeze on Massachusetts foreclosures for sale also caused initial foreclosure proceedings to decline.

Analysts from the real estate research firm stated that it was likely that majority of lenders held off filing petitions for foreclosures, including Suntrust foreclosure homes, while they review their documentation procedures. Foreclosure-related filings for October had a total of 1,127, according to Warren Group's data, representing a decline of around 51% when compared with the 2,296 filings recorded in October of last year.

Housing market observers have stated that the number of properties under bank property listings will likely record fewer numbers in the coming months as the market reflects the delay in lenders' filing of foreclosure petitions which represent the first step in a foreclosure process. Prior to October, the year showed consistent increase in foreclosure activities in Massachusetts when compared with 2009 figures.

Meanwhile, foreclosure deeds also declined for the month, with October 2010 totals pegged at 557. This represents a decline of over 39% from October 2009 when foreclosure deeds had a total of 914. The number of foreclosure deeds for the current year already exceeds the total number recorded in Massachusetts during the full 2009 period. Warren Group is predicting that the current period's total will also exceed the record number posted in 2008.

Most housing market analysts believe that the decline in the number of foreclosures, including Suntrust foreclosure homes, will continue in the coming months. They stated that in the next quarter or so, lenders will try to catch up on delayed processes but will also spend more time scrutinizing paperwork for foreclosure cases.