economic indicators

Foreclosure starts, deeds fall in Bristol County, Mass., in Feb.

FORECLOSURE STARTS and completions both fell in Bristol County, Mass., in February, signaling an improving economy, according to The Warren Group.
Posted 4/2/13

BOSTON – Bristol County, Mass., foreclosure starts dropped 46.8 percent in February while finished foreclosures dropped 46.4 percent compared with the second month of 2012, The Warren Group said Tuesday.

The real estate tracking firm reported 84 Bristol County foreclosure petitions (the first step in the foreclosure process) filed in February, down from 158 in February 2012.

The number of foreclosure deeds filed in February, marking completed repossessions by lenders, dropped to 30 compared with 56 deeds filed in February 2012.

Statewide, Massachusetts foreclosure starts dropped 38.6 percent year over year in February to 856 from 1,394, while finished foreclosures dropped 68.7 percent to 240 from 767 in February.

“Seeing four consecutive months of petitions below 1,000 is a promising sign,” Timothy M. Warren Jr., CEO of The Warren Group, said in a statement. “The improved jobs picture and lenders’ willingness to do short sales and loan modifications are helping to fuel the decrease. Hopefully this continues and improves consumer confidence as well.”

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