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