Bay State Foreclosures Down Again
Across Massachusetts, the number of foreclosures was once again down in May, compared with the same month last year, as lenders continue to take a cautious tack, according to Boston-based real estate tracker The Warren Group.
Completed foreclosures fell 65 percent to 454 in May. They also dropped 58 percent to 2,566 for the year to date.
Foreclosure petitions, representing the first step in the foreclosure process, were down 67 percent, to 699. Year-to-date, they fell 60 percent to 4,426.
The numbers were similar in Central Massachusetts. In Worcester County, completed foreclosures fell 55 percent to 532, while petitions fell 65 percent to 339.
The Warren Group noted that the numbers are falling because lenders have slowed their foreclosure processes. The decline does not indicate any underlying improvement in the housing market or homeowners' ability to make their mortgage payments.
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