For the sixth straight month the number of completed foreclosures in Massachusetts declined by nearly 60% in November marking the beginning of a brighter future for this market, according to The Warren Group of Boston.
A total of 7,158 foreclosure deeds were completed in 2012, down almost 8% from 7,771 deeds in 2011—of which 295 foreclosure deeds were recorded in November, down from 731 deeds in the same month last year.
Foreclosure petitions also decreased in November “to the lowest level so far” in 2012.
According to the CEO of The Warren Group, Timothy M. Warren Jr., these findings indicate this housing market is on the way to recovery with less foreclosures and more home sales, driven by a combination of improving employment rates and mortgage delinquency prevention support provided by government-backed programs.
In November the number of foreclosures initiated by lenders in Massachusetts also dropped albeit slightly.
The number of petitions to foreclose, the first step in the foreclosure process in Massachusetts, decreased 3% from 1,015 a year earlier to 983.
While it is the lowest level since May 2011 when there were 699 petitions filed, analysts said, the decrease marks only the second the number of foreclosure petitions dropped in 2012.
Other data indicate the aforementioned improvements in this market are still shaky.
By the end of November the total number of foreclosure petitions filed statewide increased 40% from 11,625 during the same period in 2011 to 16,317 in 2012.