Mass. Foreclosure Petitions Hit 7-Year Low
Foreclosure petitions, which mark the first step in the foreclosure process in Massachusetts, fell to their lowest monthly level since The Warren Group started compiling foreclosure statistics in 2006, the Boston firm said today.
A total of 245 petitions were recorded in June, which represented an 84-percent decrease from 1,548 in June 2012. From January through June, 2,943 foreclosure petitions were filed, down almost 69 percent from 9,425 during the same six-month stretch last year.
“One reason we’re seeing continuing declines in foreclosure activity is the sharp rise in home prices,” said Timothy M. Warren Jr., CEO of The Warren Group. “Fewer homeowners are underwater on their mortgages, which is helping the foreclosure issue.”
Meanwhile, foreclosure deeds, which represent completed foreclosures, dropped more than 56 percent, to 329, in June, down from 754 in June 2012.
But despite that decrease, it was the highest number of deeds so far this year. Yet, the number of deeds from January through June was down almost 67 percent from 4,765 in the first half of last year.
Warren said that aside from the rise in housing prices, “a healthy economy, improved employment picture and favorable loan modification legislation” are fueling the steep drop in foreclosures.
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