Q3 Foreclosures Down 30% From Last Year
Nearly 30 percent fewer foreclosures were filed in the third quarter than were filed last year, according to Boston-based real estate tracker The Warren Group.
During the third quarter, 2,048 foreclosures were filed, 29.4 percent fewer than the 2,903 filed in the third quarter of 2008, but 3.9 percent more than were filed during the second quarter.
The Warren Group said lenders are feeling pressure from the federal government to modify loans for home owners in danger of default. Also, the state last year began requiring lenders to provide homeowners with a 90-day grace period before moving forward with foreclosure proceedings.
Petitions to foreclose, the first step in the foreclosure process, were up 9 percent during the quarter compared to the same period a year ago and maintained the same pace they've been at for the entire year.
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