An improving economy and a revitalized real estate market resulted in Massachusetts foreclosure activity dropping for the second straight month to begin 2013.
According to The Warren Group, foreclosure petitions fell more than 38% in February from a year ago. There were 856 petitions—the first step in the foreclosure process—filed during this time period, compared to 1,394 last February.
So far this year, 1,796 petitions have been filed, a 34% downfall from the same two-month period in 2012.
“Seeing four consecutive months of petitions below 1,000 is a promising sign,” said Timothy M. Warren Jr., CEO of The Warren Group. “The improved jobs picture and lenders’ willingness to do short sales and loan modifications are helping to fuel the decrease.”
Also in February, the Boston-based data firm said 240 foreclosure deeds were filed statewide, a 69% decrease from 767 a year ago. A foreclosure deed represents a completed foreclosure.
Since February 2012, finalized foreclosures are down 66%. A total of 532 deeds have been filed in February and January this year, more than 1,000 less than this time period last year.
The Warren Group also tracked a decrease in auction announcements in February, in which 330 occurred, a 76% year-over-year drop.