Foreclosure rate down in the Bay State

Foreclosure activity in the state of Massachusetts continued to fall this quarter—signaling further economic recovery for the Bay State.

The number of foreclosures in Massachusetts has remained under 1,000 for the fourth consecutive month, while petitions signaling the first step of a foreclosure have decreased by 38% year over year.

856 petitions were filed this past February, a significant drop from the 1,394 filed in the same time period last year. Improvements in the housing sector are fueled by improvements in the job market, says the Warren Group.

CEO Timothy Warren says, “Seeing four consecutive months of petitions below 1,000 is a promising sign.”

Furthermore, auction announcements on foreclosed properties decline by 76% to just 330 over a year. There is no doubt that the housing market in the Bay State is bouncing back.

For more information, check out the Boston Herald.