Warren Group: 'Robust' market leads to another drop in foreclosures
Foreclosure petitions, the first step in the home foreclosure process, dropped 48.7 percent for the month of February compared to a year earlier, The Warren Group reported.
It was the 16th consecutive month of foreclosure petition decreases on a year-over-year basis for the Bay State, which CEO Timothy M. Warren, Jr. said is due to “a robust real estate market and improving economic conditions.”
Meanwhile, foreclosure deeds increased in February by 16.2 percent on an annual basis to 280. Those represent completed foreclosures, and reflect homes that had been in the foreclosure process for an extended period of time, according to Warren.
“The number of foreclosure deeds peaked at 1,391 in March 2010. The last time foreclosure deeds exceeded 500 was in September 2012. Clearly, the worse of the foreclosure crisis is behind us,” Warren said.
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