BOSTON – Petitions for foreclosures in Massachusetts in April decreased 11.4 percent year over year in what the Warren Group calls a return to the year’s downward trajectory in a Wednesday press release. 990 petitions were filed in April.
Bristol County, Mass., reported 17 petitions in April, a 22.73 percent decrease year over year.
This continues the 10-month trend of year-over-year foreclosure petition declines. According to the report, March saw a “mild uptick” but April resumes the greater 10-month decline seen by the Warren Group.
In the first four months of 2017, the group said that 3,924 foreclosure petitions had been filed, a decrease of 12.5 percent year over year.
“Despite an uptick in petitions in March, our 2017 foreclosure start numbers are significantly lower than what we saw to this point last year,” said Timothy Warren, CEO of The Warren Group, in a statement. “April data suggest that lenders have fewer and fewer delinquent mortgages clogged in the pipeline and that the trend towards fewer foreclosure starts will continue for the foreseeable future as the economy and real estate market continue to thrive.”
Massachusetts foreclosure auctions also declined in April to 518, 31.1 percent less than the prior year. Auctions in Bristol County decreased 36.36 percent to 14 auctions in April 2017.
Despite Massachusetts’ greater downward trend, April did see a 14.4 percent increase in foreclosure deeds recorded to a total of 523 completed foreclosures, which have increased 9.5 percent in the first four months of 2017 to 2,130 deeds. Bristol County recorded 18 completed foreclosures in April, an increase of 50 percent year over year.
The Warren Group is a real estate and information services company based in Boston.
Chris Bergenheim is the PBN web editor.
