Foreclosures Fell In April
Across Massachusetts and in Worcester County, foreclosures remained well below levels seen a year ago, according to The Warren Group.
Foreclosure petitions, which initiatie the foreclosure process, were down 79 percent in April compared to the same month a year ago. So far this year, petitions are down almost 60 percent over the same five-month period in 2012.
In Worcester County, there were 57 foreclosure starts in April, down 81 percent from 302 a year ago and down 56 percent so far for the year.
"We're seeing foreclosure starts consistently under the 1,000 mark for six straight months and fewer than 500 for two straight months," Warren Group CEO Timothy Warren said.
He credited an improving real estate market, with rising prices, for the drop in foreclosures, as well as a 2012 state law that now requires banks to notify borrowers of their rights to pursue a loan modification before the bank can push ahead with a foreclosure.
Completed foreclosures fell more than 68 percent in April and are down 69 percent for the year. Advertised foreclosure auction notices also fell during the month by more than 75 percent.
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