Once again, foreclosure starts and completions plummeted in Massachusetts, with starts falling to the lowest level recorded, according to the ""Warren Group's"":http://www.thewarrengroup.com/ report for May.
[IMAGE]Foreclosure petitions, which signal the first step in the foreclosure process in Massachusetts, totaled 248 last month, which is the lowest level since 2006 when the Warren Group first began tracking foreclosure data. The previous low was 350 recorded in June 2008.
[COLUMN_BREAK]The decrease also represents an 86 percent decline from a year ago, when there were 1,779 starts filed, and a decrease from 350 starts in April.
""This month's data further supports our argument that the foreclosure crisis is behind us. The combination of a recovering housing market and banks' willingness to allow for loan modifications has helped suppress foreclosure levels,"" said Timothy M. Warren Jr., CEO of the Warren Group. ""Legislation passed last year that forces lenders to consider alternatives to foreclosure is also contributing to the decrease as lenders revamp their foreclosure procedures to comply.""
Foreclosure deeds, or completed foreclosures, fell 68 percent to 251 in May compared to 796 a year ago. Year-to-date, completed foreclosures stood at 1,246, which is a 69 percent decrease from 4,011 during the same time period last year.
Advertised auction notices also took a hit in May, decreasing 69 percent year-over-year to 447. From January to May, auction notices fell 73 percent to 1,925 compared to 7,023 a year ago.