Lenders completed the fewest amount of foreclosures in Massachusetts in August so far this year, according to The Warren Group.
In August, 566 foreclosure deeds were finalized in the Bay State, the lowest number for any month since February 2011. There was a 40% drop in finalized foreclosures this August compared to a year ago when 947 occurred statewide.
A total of 5,975 foreclosure deeds have been filed in Massachusetts so far in 2012, an 8.4% increase from the same time period last year.
Also this week,
“Fewer foreclosures were completed in recent months, which may indicate a greater effort from lenders to find loan alternatives,” said Cory Hopkins, editor of Banker & Tradesman published by The Warren Group. “As banks continue to return to more normal foreclosure procedures and the housing market follows the same path, we are likely to see more good news in coming months.”
Even though there are less foreclosures being completed in Massachusetts, petitions continue to rise as 1,456 notices were issued. The Warren Group said petitions have risen every month this year except for July.
So far in 2012, more than 12,000 foreclosure notices have been initiated. This is 46% more than the same period a year ago.
“Foreclosure starts are close to exceeding the total amount in all of 2011—a seemingly bad sign. However, we’re comparing to a slow year when banks nearly halted their foreclosure proceedings,” Hopkins added. “I don’t think this is cause for much alarm, but something to keep an eye on as foreclosures petitions are often a leading indicator of activity to come.”
