Massachusetts Foreclosures Decline 4% in February 2009
Massachusetts Foreclosures declined, according to the the Warren Group, using the latest full month of data available. They report that 823 foreclosure deeds were filed in Massachusetts in February 2009. According to the Warren Group, 860 foreclosure deeds were filed in Massachusetts in February 2008. Year over year, this represents a 4.3% decline in the number of foreclosure deeds in Massachusetts.
It’s not all good news though, as they’re comparing current months to data that’s a year old. When you look at the trends of recent months, you see that the “the number of foreclosures initiated by lenders month-to-month has been steadily increasing since last November,” according to Timothy M. Warren Jr., CEO of The Warren Group. Warren continues “In addition, the pace of foreclosures has remained fairly steady over the last six months, despite the fact that several large lending institutions have introduced temporary moratoriums on foreclosures in recent months.”
Lenders filed 2,295 petitions to foreclose in February, a 17 percent jump from 1,960 petitions in January. But foreclosure petitions fell 19.1 percent from the same month in 2008 when 2,838 petitions were filed. Foreclosure petitions are the first step in the foreclosure process. So far this year, 4,255 foreclosure petitions have been filed – a 29.7 percent decline from 6,050 foreclosure petitions during the same months in 2008. The Warren Group tracked 917 auction announcements in February, down 27 percent from 1,256 in February 2008 and 30.2 percent from 1,313 in January.
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