Foreclosures Fell In 2011
Completed foreclosures dropped by more than 30 percent in Massachusetts from 2010 to 2011, according to the Boston-based Warren Group.
Year-over-year, foreclosures fell from 12,238 to 8,528. The number of foreclosure petitions, which are the first step in the foreclosure process, dropped at a steeper 47 percent, from 23,931 to 12,634.
The number of bank-owned single-family property sales during the year also fell, from 6.5 percent in 2010 to 3.8 percent in 2011. Bank-owned condo sales accounted for 3.5 percent of total condo sales, down from 5.6 percent a year ago.
Despite the drop in foreclosures during 2011, Warren Group CEO Timothy Warren noted that foreclosure activity began to rise in the fourth quarter.
In December, foreclosure petitions were up 38 percent year-over-year and foreclosure deeds were up 56 percent.
Warren predicted that banks will work through their pipeline of delinquent mortgages at a faster pace in 2012.
"I'm expecting that we'll see a true picture of the market as the process gets back on track in the coming year," Warren said.
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