Downward Foreclosure Trend Continues In Massachusetts

April 2, 2013 12:10 PM
Downward Foreclosure Trend Continues In Massachusetts
" BOSTON (AP) — The number of foreclosure petitions filed in Massachusetts has remained below 1,000 for the fourth month in a row after the petitions marking the first step in the foreclosure process fell more than 38 percent in February when compared with a year ago.

The Warren Group, an independent publisher of real estate data, reported Tuesday that lenders filed 856 petitions in February, down from 1,394 the previous February. The Boston-based publisher reported there were 1,796 foreclosure petitions filed so far this year, which is a 34 percent decline from 2,727 recorded during the same period last year.

The decline is fueled by improvements in the job market, a booming real-estate market as well as lenders’ willingness to do short sales and modify loans, Warren Group CEO Timothy Warren said.

“More personal income makes it easier for people to catch up on delinquent mortgages,” Warren said in a podcast published on his group’s website. “And more confidence in the economy and the real estate market helps borrowers to avoid feeling helpless.”

“Seeing four consecutive months of petitions below 1,000 is a promising sign,” he said "

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