Massachusetts Sees Steep Drop in Foreclosure Activity in February

Foreclosure activity in the Bay State plunged year-over-year in February, according to a report from ""The Warren Group"":http://www.thewarrengroup.com/.

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Foreclosure petitions, which mark the first step in the foreclosure process in Massachusetts, fell by more than 38 percent to 856 in February, down from 1,394 in February 2012.

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The combined total for foreclosure starts in January and February stood at 1,796, down 34 percent from 2,727 during the first two months in 2012, The Warren Group reported.

""Seeing four consecutive months of petitions below 1,000 is a promising sign,"" said Timothy M. Warren Jr., CEO of The Warren Group. ""The improved jobs picture and lenders' willingness to do short sales and loan modifications are helping to fuel the decrease. Hopefully this continues and improves consumer confidence as well.""

Foreclosure deeds, which represent completed foreclosures, declined nearly 69 percent to 240 in February. A year ago, foreclosure deeds numbered 767.

So far this year, foreclosure deeds haven fallen 66 percent to 532, down from 1,566 during the same period in 2012.

Auction announcement also experienced a steep annual decline in February. The Warren Group found auction announcements totaled 330 in February, down 76 percent from 1,384 in February 2012. During the first two months of the year, announcements numbered 669, down 77 percent decline from 2,960 during the same period last year.