Foreclosure activity in Boston plunged dramatically in 2013, falling to the lowest level in a decade as the local economy strengthened and housing prices rebounded.
Lenders initiated 230 foreclosure petitions last year, down from 890 in 2012 and the fewest in Boston since 2003, according to city officials. Lenders completed fewer than 100 foreclosures last year. At the height of the housing crisis in 2008, lenders seized more than 1,200 Boston properties.
“I think the worst is over,” said Sheila Dillon, director of the city’s Department of Neighborhood Development. “But I don’t think we can let our guard down.”
The sharp decline of foreclosures in Boston mirrors trends statewide and nationally. The improving housing market has played an important part in ending the foreclosure crisis. Full story for BostonGlobe.com subscribers.