Mass. foreclosures plunged 14.6% in February
For the second month in a row, foreclosure deeds in Massachusetts fell in February, according to The Warren Group. Deeds, or completed foreclosures, which mark the final step in the foreclosure process.
Foreclosures in the state fell 14.6 percent, Tuesday’s report said.
The report said there were 311 foreclosures in the Bay State, compared with 364 in February 2014. That was the lowest number for a February since 2006, when there were 164 completed foreclosures. Year-to-date figures showed that foreclosure deeds filed fell 21 percent to 568, compared with 718 during the same time frame last year.
Meanwhile, foreclosure petitions, which launch the process, increased sharply — by 98 percent — in February, the report said, as lenders filed 868 petitions, up from 439 a year ago. In the first two months of the year, foreclosure petitions rose 85 percent, to 1,486, compared with 803 last year.
"Deeds fell for the second time this year despite petitions and auctions continuing to rise," Cassidy Murphy, editorial director of The Warren Group, said. "It is important to note that despite the large increases in petitions and auctions, the volume of transactions for each is minimal compared to what they were in 2007 at the height of the foreclosure crisis."
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