Foreclosure activity initiated by lenders plunged nearly 60% in March from the previous year in Massachusetts, according to the monthly report from The Warren Group.
Lenders filed 1,048 petitions to foreclose last month, while March 2010 had 2,581 petitions, which dictates the first step in the foreclosure process.
So far in the first quarter, there has been a total of 2,535 petitions filed in the Bay State, 62% lower than the same time period last year.
“Another month of declining foreclosures is a sign that lenders have adopted a ‘go-slow’ approach to foreclosures,” said Timothy Warren Jr., CEO of The Warren Group. “We haven’t seen a drastic improvement in the housing market to signal the foreclosure crisis is over. There are likely more foreclosures in the pipeline, which will come to the surface in coming months.”
The New England-based real estate company also reported that foreclosure deeds, which represent finished foreclosures, saw a substantial decrease in March. There were 552 deeds last month, down from 1,391 in March 2010, which represents a 60% year-over-year difference.
In the first quarter this year, there has been a 54% drop in deeds from the previous year, with only 1,593 compared to 3,449.
The state also had less auction announcements, as there were 1,172 while the previous year had 3,094 in March, a 62% decrease.
Foreclosure activity declined in every county in Massachusetts, with the exception of Nantucket County.
