Massachusetts foreclosure activity drops in November
Massachusetts foreclosure activity fell in November as fewer struggling homeowners went into foreclosure and lost properties to lenders, according to new data released Wednesday.
There were 295 completed foreclosure filed in November, 2012, a decline of almost 60 percent from November 2011. Between January and November, there were 7,158 homeowners who lost their properties to foreclosure -- a nearly 8 percent drop compared to the first 11 months of 2011.
Timothy M. Warren Jr., chief executive of the Warren Group , said the improving picture reflects an overall brightening of the housing market and state economy.
“It’s been quite a positive year for the local housing market,’’ Warren said. “An improving employment picture combined with government-backed programs are leading to fewer mortgage delinquencies.”
Foreclosure initiations, the first step in the seizure process, also fell in November, dropping to 983, a 3 percent decline from the same time in 2011, according to the Warren Group. However, foreclosure initiations in 2012 are still likely to be higher than those in 2011. There have been 16,317 foreclosure petitions filed during the first 11 months of 2012, a 40 percent increase compared to the same time in 2011.Jenifer B. McKim can be reached at firstname.lastname@example.org. Follow her on twitter @jbmckim.