Business

Foreclosure slowdown continues in August, group says

**FILE** In this May 9, 2008 file photo, a foreclosure sign stands outside an existing home on the market in Denver. A record 9 percent of American homeowners with a mortgage were either behind on their payments or in foreclosure at the end of June, as damage from the housing crisis continues to mount, the Mortgage Bankers Association said Friday, Sept. 5, 2008. (AP Photo/David Zalubowski, file) Library Tag 09192008
**FILE** In this May 9, 2008 file photo, a foreclosure sign stands outside an existing home on the market in Denver. A record 9 percent of American homeowners with a mortgage were either behind on their payments or in foreclosure at the end of June, as damage from the housing crisis continues to mount, the Mortgage Bankers Association said Friday, Sept. 5, 2008. (AP Photo/David Zalubowski, file) Library Tag 09192008Credit: AP

Massachusetts foreclosure activity continued to decline in August, more evidence of a local housing market recovery, the Warren Group reported Tuesday.

Timothy M. Warren Jr. Photo courtesy of the Warren Group.

In August, 261 foreclosures were completed in the Bay State, a 54-percent drop from the same month a year ago, said the Warren Group, a Boston firm that tracks local real estate activity. August marked the 15th consecutive month of year-over-year foreclosure deed decreases, the firm added.

Foreclosure petitions, an early step in the process, also decreased. There were 436 petitions initiated in August, down 76 percent on a year-to-year comparison basis.

Continue Reading Below

“The local housing market has made great strides so far this year,” Warren Group chief executive Timothy M. Warren Jr. said in a statement. “The decline in foreclosure activity coincides with significant increases in sales volume and home prices. Other factors include an improved economy, loan modifications, and other alternatives to foreclosure.”

Share