The number of completed foreclosures in Massachusetts dropped by 44% in February to 515, down from 917 during the same month last year, according to The Warren Group.
Foreclosure petitions also saw a year-to-year decrease of 67% from 2,122 in February 2010 to 694 this year.
A petition, which is the first step in the foreclosure process, has seen its figures go down for six consecutive months. For the past three months, petitions have remained below 1,000. In 2010, there were eight months with more than 2,000 petitions.
Year-to-date foreclosure petitions dropped nearly 63% to 1,487 from 3,996 for the first two months.
Currently, there have been 1,037 foreclosure deeds completed, down almost 50% from 2010 where 2,058 occurred.
Foreclosure petitions and deeds decreased in every county statewide in February, except Dukes and Berkshire Counties.
The research group also found that there were fewer auction announcements in February, with only 842 compared to 2,774 the previous year, a 70% decrease. Year-to-date announced auctions totaled 1,992, which is 61% lower than the 5,159 from last year.
“This is a remarkable turnaround in foreclosure activity, starting last fall. It demonstrates a new ‘go-slow’ attitude among lenders and a welcome relief for homeowners who are delinquent on their mortgages,” said Timothy Warren Jr., CEO of The Warren Group. “However, given the continuing high levels of unemployment and the high rates of delinquency on mortgage payments, I’m afraid we’ll be dealing with foreclosure issues for many more months. Only when we see the values of homes rise again will I have confidence that we have turned the corner.”
