Bay State Foreclosures Plunge in March

Massachusetts experienced a steep 82 percent year-over-year drop in foreclosure starts in March, according to a report from ""The Warren Group."":http://www.thewarrengroup.com/

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For the month, lenders in the Bay State filed 284 petitions to foreclose in March compared to 1,621 a year ago. Petitions represent the first step in the foreclosure process in the state. In Q1, lenders filed 2,080 petitions, down 52 percent from 4,348 from last year.

""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 Timothy M. Warren Jr, CEO of The Warren Group. ""Foreclosure prevention efforts combined with a booming real estate market are leading to fewer foreclosures.""

Foreclosure deeds, or completed foreclosures, also made a sharp drop, decreasing by 74 percent to 227 in March compared to 899 a year ago. In Q1, the Bay State saw 716 completed foreclosures, down nearly 71 percent from 2,465 during the same quarter a year ago.

The Warren Group also tracked auction announcements and found the total fell 67 percent to 398 in March compared to 1,214 a year ago. Over the first quarter of this year, auction announcements declined to 1,102, down more than 73 percent compared to a year ago.