The Warren Group: Completed foreclosures fell in October, but foreclosure petitions rose
Massachusetts foreclosure petitions, the first step in the foreclosure process rose in October, but foreclosure deeds fell to the lowest monthly total so far this year, the Warren Group reported Monday.
A total of 371 foreclosure deeds were recorded in October, down 52 percent drop from the same month a year ago and the fewest number of deeds recorded in any month since February 2007, said the Warren Group, a Boston firm that tracks local real estate activity.
During October, 1,458 foreclosure petitions were started, a 22 percent increase from October 2011, the Warren Group added. Petitions increased slightly from the previous month. October 2012 had the highest number of petitions recorded for the month of October since 2009.
“Foreclosure deeds declined for the fifth month in a row, another strong indicator of a housing market recovery,” Warren Group chief executive Timothy M. Warren Jr. said in a statement. “However, foreclosure starts are often a leading indicator, and the increase could be cause for concern.”
A story in the Sunday Globe noted that the foreclosure crisis in the state and the nation finally appears to be ebbing.Chris Reidy can be reached at email@example.com.