Massachusetts Sees Fewer Foreclosures and Petitions in November
By: Esther Cho
Completed foreclosures in Massachusetts fell year-over-year for the sixth consecutive month in November, while foreclosure petitions were down to the lowest level seen so far this year, according to a report from the Warren Group.
Foreclosure deeds in the state numbered 295 for November, a near 60 percent decrease from 731 deeds a year ago. Year-to-date, foreclosure deeds totaled 7,158, down almost 8 percent during the same period last year.
The number of initiated foreclosures also saw a decrease for the second time this year as fewer lenders filed foreclosure petitions in Massachusetts. Petitions begin the first step in the foreclosure process.
In November, foreclosure petitions stood at 983, lowest since May 2011 when 699 petitions were filed. The figure also represents a 3 percent decline from 1,015 a year earlier.
“It’s been quite a positive year for the local housing market. We’re beginning to see a brighter picture – with less foreclosures and more home sales,” said Timothy M. Warren Jr., CEO of the Warren Group. “An improving employment picture combined with government-backed programs are leading to fewer mortgage delinquencies.”
However, year-to-date, foreclosure petitions are up 40 to 16,317. Last year during the same time period, there were 11,625 foreclosure petitions were filed.
Data from the Warren Group also revealed fewer auction announcements. In November, there were 381 announcements, down by almost 72 percent from November 2011. So far this year, auction announcements have reached 12,665, a 20 percent decrease from the same period last year.
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