Mass. Foreclosures Plunge 13% For 2012

The number of completed foreclosures in Massachusetts fell almost 13 percent in 2012, reflecting a nationwide trend that could continue through this year if the real estate market becomes more robust, according to The Warren Group of Boston.

However, the number of foreclosure petitions – which launch foreclosure proceedings – rose more than 35 percent, although they decreased dramatically throughout the year as lenders slowed foreclosure processes, The Warren Group said.

In Worcester County, meanwhile, the number of completed foreclosures, or deeds, rose a slight 0.82 percent. In Middlesex and Norfolk counties, the numbers fell 17 and 10 percent, respectively.

"Foreclosure activity nationwide is declining, and Massachusetts is following the same path," said Timothy M. Warren Jr., CEO of The Warren Group. "Deeds were down for the year, petitions declined for (November and December) and I think that will continue."

The Warren Group detailed the following statistics:

In all, there were 7,424 completed foreclosures last year, down from 8,531 in 2011.
There were 17,152 foreclosure petitions, up from 12,634. However, in the fourth quarter of 2012, petitions dropped dramatically, from 2,266 in the final three months of 2011 to 931.
Meanwhile, in December, there were 265 foreclosure deeds, a 65-percent drop from 758 in the same month in 2011.
December foreclosure deeds fell by more than 60 percent in Worcester, Middlesex and Norfolk counties.
Foreclosure petitions in Worcester, Middlesex and Norfolk counties were in line with the statewide rise, jumping 33, 34 and 39 percent, respectively.

"Foreclosures have been trending down for several years now," Warren said. "A robust real estate market will ensure that this trend continues in 2013."