Massachusetts Foreclosure Starts Decline For 9th Straight Month

July 2013 marked the ninth straight month of year-over-year declines in foreclosure starts in Massachusetts, The Warren Group, publisher of Banker & Tradesman, reported September 10, 2013.

A total of 407 foreclosures were initiated in Massachusetts in July, a 66 percent decline compared 1,198 foreclosure petitions in July 2012. Foreclosure petitions are the first step in the foreclosure process in Massachusetts. Through July 2013, there have been 3,350 petitions recorded, down more than 68 percent from 10,623 during the same seven-month period a year ago.

Foreclosure deeds – the last step in the Massachusetts foreclosure process – also declined to 298 in July, a 54 percent decrease from 648 in July 2012. July was the 14th consecutive month completed foreclosures declined. A total of 1,873 foreclosure deeds have been filed through July 2013, a 65 percent decline compared to 5,413 deeds recorded during the same period in 2012.

The number of auction announcements tracked by The Warren Group also decreased in July. Auction announcements declined more than 57 percent to 502 from 1,168 in July 2012. From January through July, 3,070 auctions were announced, a decline of nearly 70 percent from 9,300 auction announcements during the same period a year ago.