Foreclosure activity in Massachusetts declined in February as a result of an improving economic conditions and a revitalized real estate market, the Warren Group said Tuesday.
A total of 856 foreclosure petitions were filed last month in the Bay State; that number was down 38 percent from the number in February 2012, said the Warren Group, a Boston firm that tracks local real estate activity. Foreclosure petitions are the first step in the foreclosure process in Massachusetts.
“Seeing four consecutive months of petitions below 1,000 is a promising sign,” Warren Group chief executive Timothy M. Warren Jr. said in a statement. “The improved jobs picture and lenders’ willingness to do short sales and loan modifications are helping to fuel the decrease. Hopefully, this continues and improves consumer confidence as well.”
During February, 240 foreclosure deeds were filed in Massachusetts, a drop of nearly 69 percent on a year-to-year comparison basis, the Warren Group said in a press release.