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September Bay State Foreclosure Activity Remains Slow

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Regional Spotlight—Foreclosure activity statewide in Massachusetts declined in September, marking the 16th consecutive month of year-over-year completed foreclosure declines, according to The Warren Group, publisher of Banker & Tradesman.

A total of 247 foreclosure deeds were recorded in September, a 52 percent drop from 512 during the same month a year ago. A total of 2,382 foreclosure deeds have been filed so far this year, a 63 percent decrease compared to 6,491 deeds recorded during the same period last year.

Deeds also dropped in the third quarter, decreasing more than 53 percent to 806 from 1,726 during the third quarter 2012.

“The foreclosure numbers in September and the third quarter further bolster the opinion that foreclosures are in full retreat due to a booming real estate market and government programs designed to assist homeowners who are delinquent on their mortgages,” said Timothy M. Warren Jr., CEO of The Warren Group. “It’s been a solid year of foreclosure decreases, indicating the worst of the housing crisis is over.”

In September, foreclosure petitions dropped to 438, a 69 percent decrease from 1,420 in September 2012. Year-to-date foreclosure petitions also dropped compared to last year. A total of 4,174 foreclosure petitions have been initiated so far this year, down 70 percent from 13,876 petitions filed the same period last year. A total of 1,281 petitions were filed in the third quarter, down more than 71 percent from third quarter 2012 when there were 4,451 petitions filed.

The number of auction announcements tracked by The Warren Group also decreased in September. Auction announcements declined 19 percent to 729 from 902 in September 2012. From January through September, 4,516 auctions have been announced, a 60 percent decline from 11,326 auctions during the same period in 2012.

For more information, visit www.thewarrengroup.com.

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