dropped for the 15th Consecutive month on a year-over-year
basis
While not something that is usually spoken about as a
positive, as it relates to Massachusetts, the mentioning of
foreclosures can be looked at in an extremely optimistic light.
Earlier this year in the spring we reported that foreclosure filings
dropped by a staggering 82% in the past twelve months. This, as
a result, has only displayed yet another angle to prove just how
well the real estate market is performing here on our local level
and that it is impacting an array of aspects in the business and
greater economy.
Now that the summer breeze is slipping away through
the hour glass, the state of foreclosures, we are proud to
announce, is still headed in the right direction. Due to the
overall improving economy, loan modifications, real estate market,
job sector and more, these homes seized by lenders realized their
15th consecutive month of year-over-year foreclosure deed decreases
in August.
With Septembers numbers still yet to be released, the
conclusion of August is the most up to date, relevant information
readily available to the public. This 15th month in a row
statistic, coming from The Warren Group, highlighted that lenders
successfully completed 261 foreclosures in the Bay State in August
of this year compared to 566 in August from last year. This massive
54% differential becomes even more impressive when looking at the
years performance thus far as a whole. From January through the end
of August of 2013, 2,135 foreclosure deeds were filed, whereas
during this same period in 2012, 5,979 were recorded, marking a
larger decreasing change for this year of 64%.
Year-over-year petitions were also seen to plummet with a 76%
decrease displaying the downward fall from 1,833 in August from
2012 to just 436 this year. Petitions have also seen significant
consistency from month to month as August was noted for being the
10th consecutive month where there have been petition declines. In
addition, these ten months have been the same stretch where
petitions have finally dropped and stayed below the 1,000 level. On
a comparison between January through August once again but now
regarding petitions, there was a dramatic 70% decline as well. So
just as the spring shared breakthroughs of the diminishing
foreclosure activity, it is truly brilliant to be able to reflect
that the same progress on this subject here today.
More Information: Boston Business
Journal