December 8, 2017

Foreclosures down sharply in Central Mass.

Grant Welker
Looking west from downtown Worcester. The city's foreclosure petition drop in October of 52 percent mirrored the statewide trend.

Foreclosures in Central Massachusetts fell drastically in October, accelerating a trend that lasted through the year, according to Boston-based The Warren Group.

In Worcester County, petitions -- the first step of the foreclosure process -- were down 52 percent in October and have fallen by 22 percent in 2017.

The number of auctions, a further step in the foreclosure process, were also down: by 15 percent in October and 11 percent for the year.

Deeds, which represent the final foreclosure phase, also fell in Worcester County: by 29 percent in October and 9 percent for the year.

Middlesex County, which includes much of MetroWest as well as cities like Cambridge and Somerville, saw foreclosure petitions fall just as sharply. The October rate fell by 50 percent, and the year-to-date rate by 20 percent.

Statewide, foreclosure petitions fell by 53 percent compared to the prior year, The Warren Group reported. For the year, foreclosure petitions across Massachusetts are down by 20 percent.

The city of Worcester had a similar trend.

Petitions were down 52 percent in October and 27 percent for the year. Deeds fell by 21 percent in October and 8 percent for the year.

"Petitions have now fallen nine out of the last 10 months with October seeing the largest year-over-year decline," Timothy Warren, CEO of The Warren Group, said in a statement. "In fact, October petitions slid so significantly, that they're now at levels unseen since February 2014."

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