Mass. Foreclosures Continue To Drop

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Citing improving economic conditions and a revitalized real estate market, the Warren Group said Massachusetts foreclosures continued to decline in February.

Petitions – the first step in the foreclosure process – dropped more than 38 percent, down to 856 from 1,394 the same month last year. Worcester County held with the statewide trend, seeing a drop of nearly 35 percent to 168. Middlesex County saw a greater improvement, with foreclosure starts declining more than 45 percent to 115.

"Seeing four consecutive months of petitions below 1,000 is a promising sign," said Timothy M. Warren Jr., CEO of The Warren Group. "The improved jobs picture and lenders' willingness to do short sales and loan modifications are helping to fuel the decrease. Hopefully this continues and improves consumer confidence as well."

Year-to-date in, there were 1,796 petitions filed in Massachusetts, down 34 percent from last year.

In February, there were 240 foreclosure deeds – representing completed foreclosures – filed statewide, down almost 69 percent from 767 in February 2012. Deeds were down 63 percent in Worcester County, to 62, and 68 percent in Middlesex County, to 36.

Year-to-date foreclosure deeds overall in the Bay State are down 66 percent, with 532 having been filed so far this year, compared to 1,566 during the same period in 2012.