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NEW: Foreclosure Rates Down in Massachusetts

Thursday, July 19, 2012

 

Bay State foreclosure activity showed signs of subsiding in June as petitions dropped below 1,300 for the first time in 2012.

This coming from the latest report from The Warren Group, publisher of Banker and Tradesman. Petitions, the first step in the foreclosure process in the Commonwealth, fell to 1,254 in June- nearly a 30 percent decrease from May.

"It's pretty significant to see foreclosure petitions drop by almost 30 percent from just a month ago," said Timothy M. Warren Jr., CEO of The Warren Group. "I believe that an improving economy, more jobs and an active real estate market are having an impact and giving us a moderating trend in foreclosures."

Completed foreclosures, represented in foreclosure deeds, decreased by almost 24 percent to 715 in June compared to 2011. This marks the first time since September 2011 that deeds posted a year-over-year decrease in Massachusetts.

Still, it is not all good news. 4,450 foreclosure deeds have been recorded in the first six months of the year, up nearly 18 percent from the 3,782 recorded in the first had of 2011. Still, Warren sees the increase in foreclosures in 2012 as simply banks working through their backlog of potential properties.

"Foreclosure numbers are beginning to become clearer. After such a slow year for foreclosures in 2011 that left many distressed properties in limbo, we are starting to see banks work their way through the backlog," Warren added.

 

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