Foreclosure Activity in Bay State Falls Sharply in January

Foreclosure Activity in Bay State Falls Sharply in January

03/06/2013 BY: ESTHER CHO

Foreclosure petitions in the Bay State plunged nearly 30 percent year-over-year in January, according to a report from The Warren Group.

Foreclosure petitions—the first step in the foreclosure process—decreased to 940, down from 1,333 in January 2012. The decrease marks the third straight month petitions have fallen in Massachusetts.

“We’re finally seeing a clear picture of the trend in foreclosures – and it is a good news,” said Timothy M. Warren Jr., CEO of The Warren Group. “The housing market has greatly improved – a sign that the economy is gaining ground and foreclosures will continue to subside.”

January also saw a decrease in foreclosure deeds, or completed foreclosures, after totaling 292, a 63 percent decrease from 799 deeds recorded in January 2012.

The number of auction announcements experienced a steep drop as well after numbering 314, an 80 percent decrease from 1,576 in January 2012.

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