From the Warren Group press release:
Foreclosure activity in Massachusetts dropped significantly during the month of March, according to the latest report by The Warren Group, publisher of Banker & Tradesman. The number of foreclosures initiated by lenders plummeted almost 60 percent from a year earlier.
Lenders filed 1,048 petitions to foreclose in March, a 59.4 percent decrease from 2,581 in March 2010. A total of 2,535 petitions to foreclose have been filed in Massachusetts during the first quarter, a 61.5 percent decrease from 6,577 in the first quarter of last year. Petitions to foreclose represent the first step in the foreclosure process in Massachusetts.
“Another month of declining foreclosures is a sign that lenders have adopted a ‘go-slow’ approach to foreclosures,” said The Warren Group CEO Timothy M. Warren Jr. “We haven’t seen a drastic improvement in the housing market to signal the foreclosure crisis is over. There are likely more foreclosures in the pipeline, which will come to the surface in coming months.”
