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