Foreclosures Continue To Decline
Massachusetts foreclosures posted double-digit decreases in January, in both petitions and completions, according to The Warren Group, a sign last year's backlog in foreclosures stemming from 2011 banks' legal and documentation issues has subsided.
Statewide, foreclosure petitions dropped nearly 30 percent, from 1,333 to 940, over the previous year. Petitions, which start the foreclosure process, have declined for three consecutive months after ticking up most of 2012. In Worcester County, foreclosure starts were down 15 percent over 2012, from 219 to 186. Meanwhile, they dropped 32 percent in Middlesex County, from 178 to 121.
"We're finally seeing a clear picture of the trend in foreclosures - and it is good news," said Timothy M. Warren Jr. CEO of The Warren Group. "The housing market has greatly improved - a sign that the economy is gaining ground and foreclosures will continue to subside."
In January, 292 foreclosure deeds were filed statewide, a 63-percent decrease from 799 deeds recorded in January 2012. Worcester County deeds dropped 58.6 percent, from 162 to 67. Middlesex County's foreclosures were down 60.3 percent, from 116 to 46.
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