July saw a drop in foreclosure activity in the Bay State, ""The Warren Group"":http://www.thewarrengroup.com/ reported Monday.
[IMAGE]The group released its July 2012 Foreclosure Data for the state, showing that a total of 1,198 foreclosures were initiated in July â€" the lowest monthly level recorded so far in 2012.
Foreclosure petitions fell year-over-year by almost 17 percent, dropping from 1,441 in July 2011.
The year-over-year drop in July reverses a seven-month trend of spikes which has led to an overall increase in foreclosure activity from 2011. A total of 10,623 foreclosures were initiated from January through July, up from 6,856 petitions during the same period last year.
[COLUMN_BREAK]""It appears there is a downward trend in foreclosure activity,"" said Timothy Warren Jr., CEO of The Warren Group. ""A strong economy and recovering housing market is helping lift consumer confidence. This news paired with banks' return to standard foreclosure processes is also helping.""
Foreclosure deeds also fell in July, dropping to 648 (a 17 percent decrease from July 2011). This also marks the lowest number of completed foreclosures for any month so far in 2012.
While deeds fell in July, 2012's numbers still remain elevated relative to 2011. The first seven months of the year saw 5,409 foreclosure deed filings in Massachusetts, up from 4,564 deeds recorded during the same period a year ago.
""Foreclosure activity has been fluctuating for the past year or so â€" slowing after several banks delayed and examined their own proceedings, and then ramping back up,"" Warren said. ""It appears we're seeing a clearer picture now â€" less starts and deeds, which means homeowners are making payments and working out defaults through short sales and loan modifications.""