Foreclosure numbers were dramatically lower this April than they were in April of 2010. On the other hand, the number of foreclosure petitions (the first step in the foreclosure process for Boston real estate) had the highest numbers seen in 2011 thus far.
Foreclosure activity from last year to this year dropped 51% from 2,431 in April of 2010 to 1,192 in April of 2011. From the start of the year through April, 3,727 foreclosure petitions had been filed across the state of Massachusetts. This is down 58.6% from the same period of time in 2010 as the number of foreclosure petitions was 9,008 in 2010 through April.
The Warren Group CEO Timothy M. Warren Jr. said, ?Lenders are still taking a cautious approach to foreclosures, and this is keeping foreclosure statistics at low levels for a while longer. This brief downturn should not sway us from the reality that the foreclosure crisis is not over, and we are likely to see more activity work its way through the system. The increase in petitions from March to April shows that foreclosure activity has picked up a bit again, and we are likely to see increases in coming months.?
Foreclosure deeds (the final step of a foreclosure) decreased over 62% in April to 518 in comparison to 1,375 in April of 2010. 2,111 foreclosure deeds have been recorded through April in 2011, a decrease of 56.2% in comparison to the 4,824 recorded in the first 4 months of 2010.
Advertised auction notices have also dropped in number. In April 2011 there were 1,382 auctions announcements, while there were 2,861 in April of 2010. Auction notices year-to-date decreased 58% between this year and last year.
Source: http://www.firstbostonrealty.com/blog/foreclosures-down-in-april-for-boston-real-estate/
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