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June 18, 2009

Foreclosures Drop Nearly 60% In May

By Matthew L. Brown

The number of foreclosures in the Bay State dropped by 58.6 percent in May compared to the same month a year ago as lenders pulled back on the costly and time-consuming procedure.

According to Boston-based real estate tracker The Warren Group, the 582 foreclosure deeds filed in May was also 24.3 percent less than the number filed in April. Year-to-date foreclosure deed filings have fallen by 26.3 percent compared to 2008.

The Warren Group said lenders "have realized how costly foreclosures can be and are taking steps to avoid foreclosure whenever possible."

However, unemployment and the ability of people who have lost their jobs to keep up with their mortgage payments remains a serious concern. Also, while foreclosure deed filings were down, the pace of foreclosure initiation remained steady, with lenders starting more than 2,000 foreclosures each month since February.

There were 2,329 foreclosure petitions, the first step in the foreclosure process, filed in May compared to 390 in May 2008.

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