Foreclosure petitions in the Bay State plunged nearly 30 percent year-over-year in January, according to a report from ""The Warren Group"":http://www.thewarrengroup.com.
[IMAGE] [COLUMN_BREAK]Foreclosure petitions--the first step in the foreclosure process--decreased to 940, down from 1,333 in January 2012. The decrease marks the third straight month petitions have fallen in Massachusetts.
""We're finally seeing a clear picture of the trend in foreclosures â€" and it is a good news,"" said Timothy M. Warren Jr., CEO of The Warren Group. ""The housing market has greatly improved â€" a sign that the economy is gaining ground and foreclosures will continue to subside.""
January also saw a decrease in foreclosure deeds, or completed foreclosures, after totaling 292, a 63 percent decrease from 799 deeds recorded in January 2012.
The number of auction announcements experienced a steep drop as well after numbering 314, an 80 percent decrease from 1,576 in January 2012.