Warren Group: Mass. Foreclosure Crisis Has Ended
The Warren Group
A significant decline in foreclosures during the month of March signals an end to the foreclosure crisis in Massachusetts, The Warren Group said Monday.
Lenders filed 284 petitions to foreclose in Massachusetts in March, an 82 percent decrease from the March 2012 number of 1,621, The Warren Group said. In the first quarter, 2,080 petitions were filed in the state, down 52 percent from 4,348 in the first quarter of 2012.
Timothy Warren Jr., CEO of The Warren Group, said foreclosure prevention efforts coupled with a rebounding real estate market are responsible for the decline in petitions, which are the first step lenders take when they move to foreclose.
"Overall, we're seeing foreclosures drop all over the country, but Massachusetts is exceptional in its reduction. The Mortgage Bankers Association reports that we rank 48th in foreclosures started in the first quarter of 2013," Warren said in a statement.
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