16th Consecutive Month in September
While not
something that those in the industry particularly like the sound
of, foreclosure activity in this instance at least when it pertains
to Massachusetts is actually in a good situation. From the booming
real estate market to the government programs purposefully enacted
to assist homeowners who are delinquent on their mortgages, the
frequency of foreclosures in the Bay State have been dramatically
reduced.
The Warren Group shares that in September, the most
recently completed month on record, there were a total of 247
foreclosure deeds filed. This number was a massive 52% drop from
the activity seen during September of 2012 when there were 512
foreclosure deeds. Taking a step back, this progress in diminishing
foreclosure activity has now hit its sixteenth consecutive month in
a row where there have been year-over-year monthly declines in
completed foreclosures.
For 2013 as a whole, the nine months concluding with September
has seen 2,382 foreclosure deeds having been filed. This is also an
even more impressive 63% reduction in filings compared to what was
realized a year prior during this same period when a far more
staggering 6,491 deeds were recorded. Timothy Warren, the CEO of
The Warren Group, came forward to release in a statement that, Its
been a solid year of foreclosure decreases, indicating the worst of
the housing crisis is over. Foreclosure petitions were also down in
September on this annual comparison. A 69% differential accounted
for a drop from 1,420 in 2012s September to 438 this year. For the
calendar year of 2013, foreclosure petitions are at 4,174, a drop
off by 70% from the 13,876 level petitions were at up to this stage
in 2012. It once again is more apparent than ever that the real
estate industry has not only rebounded, but is safely headed into
the right direction by continuing to grow. Every facet of the
business, from rentals, to single-family homes, condominiums,
commercial development, foreclosures, and much more are all
trending in a very positive manner for the State of
Massachusetts.
More Information: Boston Business
Journal