Massachusetts foreclosure petitions took a sharp year-over-year turn up in March, ending 16 consecutive months of decline in petition filings, according to The Warren Group.
"The increase in percentage terms seems enormous, almost as though the flood gates have been thrown wide open," Timothy M. Warren, CEO of the market tracker, said in a podcast. "However, I see a number of reasons to be cautious about turning up the volume on the alarm quite yet."
In March 2013, only 283 foreclosure petitions were filed, which was 83 percent below the prior March, and much lower than February 2013, Warren said.
"So I'm going to suggest that perhaps March of last year was the real outlier in the data trends, more so than March of 2014," he said. "Nevertheless, 660 petitions filed in March of this year do represent a big increase in the current trend. For example, it is 50 percent higher than February."
Lenders are getting more aggressive with delinquent borrowers, Warren said.
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