Foreclosure Petitions Down 43% In November
For the second month in a row, foreclosure petitions and deeds decreased in the Bay State in November, according to Boston-based real estate tracker The Warren Group.
Lenders filed 1,109 petitions to foreclose, which marks the first step in the foreclosure process, in November. That's a 43-percent drop over the same period in 2009.
The number of foreclosure deeds in November totaled 416. That's a down 40 percent from 2009.
The slowdown is attributed to the moratorium that many lenders put in place when news broke that many foreclosures were being processed without careful inspection. There were reports that some lenders were signing thousands of foreclosure documents per day.
In Worcester, the declines were somewhat more pronounced. Foreclosure petitions fell by 44 percent and deeds fell by nearly 70 percent.
Despite the good news in November, experts are predicting that the foreclosure crisis will continue into 2011.
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