A total of 1,198 foreclosures were initiated in Massachusetts in July, marking the lowest monthly level recorded so far this year, The Warren Group, publisher of Banker & Tradesman, reported September 17, 2012.
Year-over-year petitions were down almost 17 percent in July, dropping from 1,441 petitions in July 2011. This is the fewest number of foreclosure starts recorded in any month in 2012, beating January’s low of 1,333. Still, foreclosures are up 55 percent from a year ago. A total of 10,623 foreclosure petitions have been initiated so far this year, up from 6,856 petitions filed during the same period last year; however, petitions were stalled last year due to the "robo-signing" controversy and other issues.
“It appears there is a downward trend in foreclosure activity,” said The Warren Group CEO Timothy M. Warren Jr.
Foreclosure deeds, the last step in the foreclosure process, also declined to 648 in July, a 17 percent decrease from 782 in July 2011. This also marks the fewest number of completed foreclosures for any month in 2012. It is the slowest month since May 2011 when there were 571 foreclosure deeds. A total of 5,409 foreclosure deeds have been filed through July of this year, an 18.5 percent increase compared to 4,564 deeds recorded during the same period last year.
Less foreclosure starts and completions means homeowners are paying their mortgages, working out defaults or selling their homes through short sales.