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Completed Foreclosures in Bay State Drop 40% from Year Ago

In August, lenders in Massachusetts completed the least number of foreclosures since February 2011, according to a report from ""The Warren Group"":http://www.thewarrengroup.com.

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Lenders in August completed 566 foreclosures, marking a 40 percent decease from August 2011, when there were 947 completed foreclosures.

From January to August, 5,975 foreclosure deeds have been filed, an increase of 8.4 percent compared to 5,511 deeds recorded during the same period last year.

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""Fewer foreclosures were completed in recent months, which may indicate a greater effort from lenders to find loan alternatives,"" said Banker & Tradesman Editor Cory S. Hopkins.

However, foreclosure petitions saw their numbers go up year-over-year by 4.2 percent, rising to 1,456 from 1,397 in August 2011. Foreclosure petitions numbered 12,079 so far this year, up 46 percent from the same period last year. Petitions have been trending upwards every month this year except in July.

""Foreclosure starts are close to exceeding the total amount in all of 2011 â€" a seemingly bad sign,"" Hopkins said. ""However, we're comparing to a slow year when banks nearly halted their foreclosure proceedings. I don't think this is cause for much alarm, but something to keep an eye on as foreclosures petitions are often a leading indicator of activity to come.""

The Warren Group also tracked the number of auction announcements and reported 1,084 announcements, a yearly decrease of 18 percent.

Year-to-date, auction announcements are down 9.2 percent compared to the same period last year.

About Author: Esther Cho

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