A significant decline in Massachusetts foreclosures during the month of March indicates the foreclosure crisis is over, according to an article in Monday's issue of Banker & Tradesman.
In Massachusetts, both the Town of Sudbury and Middlesex County are also seeing drops in activity.
In Sudbury, foreclosure petitions dropped from 3 to 1 when comparing the March 2012 report to the March 2013 report. In year-to-date statistics, the number has droped from 9 to 6.
When comparting the last two March reports in Middlesex County, the decrease is 79 percent while the year-to-date difference is 54 percent.
Lenders filed 284 petitions to foreclose in March, an 82 percent decrease from 1,621 in March 2012, according to data from The Warren Group, publisher of Banker & Tradesman. A total of 2,080 petitions to foreclose have been filed in Massachusetts during the first quarter, a 52 percent decrease from 4,348 in the first quarter of last year. Petitions to foreclose represent the first step in the foreclosure process in Massachusetts.
"Overall, we're seeing foreclosures drop all over the country, but Massachusetts is exceptional in its reduction. The Mortgage Bankers Association reports that we rank 48th in foreclosures started in the first quarter of 2013," said The Warren Group CEO Timothy M. Warren Jr. "Foreclosure prevention efforts combined with a booming real estate market are leading to fewer foreclosures."
Sudbury Foreclosure Activity - March 2012 - March 2013 - The Warren Group
2012 2013 % Change
March Foreclosure Petitions 3 1 -66.67%
YTD Foreclosure Petitions 9 6 -33.33%
March Foreclosure Auctions 4 0 -100.00%
YTD Foreclosure Auctions 7 0 -100.00%
March Foreclosure Deeds 0 0
YTD Foreclosure Deeds 3 1 -66.67%
Middlesex Country Foreclosure Activity - March 2012 - March 2013 - The Warren Group
2012 2013 % Change
March Foreclosure Petitions 243 50 -79.42%
YTD Foreclosure Petitions 631 286 -54.68%
March Foreclosure Auctions 173 40 -76.88%
YTD Foreclosure Auctions 599 122 -79.63%
March Foreclosure Deeds 135 28 -79.26%
YTD Foreclosure Deeds 364 110 -69.78%