Massachusetts reports 32 percent more foreclosures in 2010

Many Massachusetts residents had to hire moving services last year, as more of them lost their homes to foreclosure in 2010 than the year before, according to a recent report from The Warren Group.

Bay State foreclosures shot up 32 percent last year, rising from 9,269 in 2009 to 12,233. Despite the increase, the number didn't surpass the 12,430 foreclosures recorded during the peak of the housing crisis in 2008.

Foreclosure petitions - the first step of the process - dropped 14.3 percent, which Warren Group CEO Timothy M. Warren said is a positive sign that the market will improve this year.

"One bright spot is that fewer people entered the foreclosure process compared to a year ago. This is despite a slumping economy and high unemployment," he said. However, Warren also recommended that homeowners remain cautious regarding housing market improvements in 2011.

Bay Staters may see a recovery sooner than anticipated, as current unemployment statistics from the U.S. Department of Labor say unemployment claims decreased by 37,00 during the weak ending January 15.
 

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