Foreclosures continue climb in Lynn

Daily ItemBy Thomas Grillo | The Daily Item

The number of homeowners facing foreclosure in Lynn grew by nearly 30 percent this year as the economic recovery continues to elude many local families, according to The Warren Group, the Boston-based real estate tracker.

Lenders filed 105 petitions to foreclose, the first step in the foreclosure process, from January through May, compared with 81 for the same period in May of last year.

There were three dozen foreclosure deeds, or homes seized, for the first five months of the year compared to a year ago, up from 30 last year, a 20 percent increase.

“While the economy has strengthened, it has not lifted all boats,” said Barry Bluestone, professor of public policy at Northeastern University. “Until recently, working families have not seen any real wage increases. As a result there are still lots of people who can’t keep up with their mortgage payments.”

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