Mass. home foreclosures more than double in May
Home foreclosure deeds more than doubled in Massachusetts in May, although a new state law has yielded a temporary decline in foreclosure petitions, the first step in the process. Boston-based publisher of real estate data Warren Group said deeds - the final step in a foreclosure - rose to 1,405 in May. That’s up from 677 in the same month a year ago. Petitions to foreclose fell nearly 82 percent to 390 compared with the same month a year ago. But the decline is temporary, because of a foreclosure-prevention law recently approved by state lawmakers that creates a 90-day cooling off period before foreclosure proceedings can begin in court. Previously, those proceedings could begin within 30 days. after a borrower went into default