BOSTON – Following a statewide trend, foreclosure petitions, auction notices and deeds fell in Bristol County, Mass., in May compared with the same month last year, The Warren Group said last week.
The real estate tracking firm said lenders filed 77 foreclosure petitions – the first step in the foreclosure process – in the county in May, down 59 percent from the 188 petitions in May 2010. Auction notices fell 14 percent to 246 from 286 while completed foreclosures dropped 94 percent to seven from 121.
Across the commonwealth, petitions declined by 67 percent, auction notices by 36 percent and completed foreclosures by 65 percent.
May was the first month this year that completed foreclosures fell below 500. The Warren Group said lenders filed 454 foreclosure deeds last month, but the company cautioned against reading optimistically into the numbers.
“Delayed foreclosures are masking the reality of the market,” said Vincent Valvo, group publisher and editor-in-chief of Banker & Tradesman. “Lenders are continuing to be cautious with the legal process, which is causing a drop off in foreclosure starts and deeds.”
