According to Bankers and Tradesmen (published by the Warren Group), foreclosures in Massachusetts dropped almost 60% during the month of March.
1,048 petitions to foreclose were filed in March 2011, a decrease from 2,581 in March 2010. A petition to foreclose is the first step in the foreclosure process. During the first quarter of 2011, 2,535 petitions to foreclose have been filed, also less than those filed in March 2010 alone. 6,577 petitions to foreclose were filed in the first quarter of 2010.
According to the Warren Group this is a sign that lenders have adopted to the 'go-slow' approach to foreclosures. But Timothly M. Warren JR. warns that "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 the coming months."
Foreclosure deeds, which is a finished foreclosure, showed a sharp decrease in March as well. Only 552 foreclosure deeds were passed in March 2011, a decrease of 1,391 from March 2010. A total of 1,593 foreclosure deeds were recorded in the first quarter of 2011 a significant drop from the 3,449 foreclosure deeds recorded in the first quarter of 2010.
Action announcements are also down 62 percent this year. There were 3,094 auction announcements at this time last year compared to 1,172 this year.