Massachusetts foreclosure activity fell dramatically through January due to double-digit decreases in both starts and completed foreclosures, according to The Warren Group.
The Boston-based data firm said the number of foreclosure petitions statewide in January dropped almost 30%, declining to 940 from 1,333, on a yearly basis.
Petitions, which mark the first step in the foreclosure process in the Bay State, have experienced reductions for the last three consecutive months. Meanwhile, in all of 2012, petitions rose in every month except for three.
Furthermore, there were 292 foreclosure deeds filed during this time period, which is 63% less than a year ago when 799 deeds were recorded.
“Foreclosure activity was slow throughout much of 2011 as banks worked through legal and documentation issues, causing levels to appear inflated in 2012. In two months in 2012, petitions doubled from the prior year,” the firm said in its monthly report.
Auctions also were down in January,
“We’re finally seeing a clear picture of the trend in foreclosures—and it is good news,” said Timothy M. Warren Jr., CEO of The Warren Group. “The housing market has greatly improved—a sign that the economy is gaining ground and foreclosures will continue to subside.”
