Massachusetts foreclosures see big yearly decline
While many residents of Western states continue to struggle with foreclosure, the number of homeowners facing eviction in Massachusetts fell in January.
Overall, there were 793 new foreclosure petitions – traditionally the first step the eviction process – filed during the month. This figure was down 58 percent from the number of foreclosures started in January 2010. This past January marked the second consecutive month new petitions dropped below 1,000.
In addition, the study by Warren Group, a Boston-based firm that tracks the real estate market, found that 468 foreclosures reached the final stage of the process, a 59 percent drop from the previous year’s figures.
“Slowing foreclosure activity could be a result of several factors,” Vincent Valvo, group publisher and editor-in-chief of Banker and Tradesman, said in a statement, according to the Boston Globe. “Unfortunately it’s more likely that the reduction is caused by lenders slowing their processes rather than improved financial stability among homeowners.”
While the Northeast has been recovering from recent problems in the housing market with more ease than the West, Midwestern areas continued to see the lowest level of foreclosures during this time.