March 3, 2011
Mass Foreclosures Plummet
Massachusetts foreclosure starts dropped 58 percent in January compared to the same month last year, according to The Warren Group.
Petitions to foreclose, the first step in the foreclosure process, fell to 793 for the month, compared with 1,874 in January 2010. However, they were up slightly from 733 in December.
The Boston-based Warren Group said the slowing activity is not necessarily a sign of recovery, but is more likely caused by lenders slowing the foreclosure process.
Completed foreclosures also fell 59 percent for the month, to 468, compared to 1,141 in January 2010. The numbers was also down from December, when 481 foreclosures were finished.
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