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