Foreclosures Fall In November
Foreclosure starts and completions in Massachusetts reached their lowest level of 2012 in November, according to The Warren Group.
It was the sixth straight month of year-over-year declines in completed foreclosures, or deeds, the Boston-based real estate tracker and Banker & Tradesmen publisher said.
A total of 295 foreclosure deeds were recorder during the month, down nearly 60 percent from 731 during November 2011. As of November, 7,158 deeds had been completed in 2012, down from 7,771 during the same period in 2011. In Worcester County, deeds were up 8.9 percent through November.
"It's been quite a positive year for the local housing market," said Timothy Warren, CEO of The Warren Group. "An improving employment picture combined with government-backed programs are leading to fewer mortgage delinquencies."
Lenders also filed fewer petitions to foreclose, known as foreclosure starts, in November. Starts dipped 3 percent to 983.
It was the second time in 2012 that petitions dropped, and it was the lowest number since May of 2011.
Despite the declines, petitions are up 40 percent through November.
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