Massachusetts foreclosure activity dropped in September, another sign that the housing market may be recovering, the Warren Group said Tuesday.
In September, 973 petitions were initiated, a 16.4 percent decline from September 2011, said the Warren Group, a Boston firm that tracks local real estate activity. September is the first month in 2012 in which petitions fell below 1,000. Petitions are the first step of the foreclosure process.
All told, 510 foreclosure deeds were recorded in September, a 32 percent decline from the same month a year ago.
In a statement, Timothy Warren Jr., chief executive of the Warren Group, said: “The pace of homes entering the foreclosure process slowed in September, another strong indicator of a housing market recovery. Foreclosure deeds declined for the fourth month in a row. That’s another good sign.”