In August, lenders completed 261 foreclosures in Massachusetts – a 54 percent drop from the same month last year, according to the Warren Group.
August marks the 15th consecutive month of year-over-year foreclosure deed decreases. The 54 percent drop in foreclosure deeds compares to the 566 deeds completed in August 2012. A total of 2,135 foreclosure deeds have been filed so far this year, a 64 percent decrease compared to 5,979 deeds recorded during the same period last year.
“The local housing market has made great strides so far this year,” said Timothy M. Warren Jr., CEO of The Warren Group. “The decline in foreclosure activity coincides with significant increases in sales volume and home prices. Other factors include an improved economy, loan modifications and other alternatives to foreclosure.”
Year-over-year petitions also decreased significantly in August, dropping more than 76 percent to 436 from 1,833 in August 2012. Petitions have declined for 10 straight months, and have fallen below the 1,000 mark since November. A total of 3,786 foreclosure petitions have been initiated so far this year, down almost 70 percent from 12,456 petitions filed the same period last year.
The number of auction announcements tracked by The Warren Group also decreased in August. Auction announcements declined more than 38 percent to 691 from 1,124 in August 2012. From January through August, 3,785 auctions have been announced, a 64 percent decline from 10,424 auctions during the same period in 2012.