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Massachusetts foreclosures freefall in October

November 19, 2010 - Homesellers in the Bay State have had to compete with distressed properties when trying to sell their homes, though new data suggests there could be some relief in sight for these relocating families.

Lenders issued only 1,127 foreclosure petitions during October, a 51 percent drop from the 2,296 petitions during October 2009, reported the Warren Group. It was the first time since January that the state did not register at least 2,000 petitions. Experts say lender-imposed foreclosure moratoriums may have had something to do with the decrease.

At the same time, just 557 foreclosure deeds were recorded last month, down more than 39 percent from 914 a year earlier. It was the lowest reported figure for deeds - the last step in the foreclosure process - since April 2007.

"While the decreases in foreclosure volume are welcoming, we should not be fooled into thinking that foreclosure problems are behind us," said the group's CEO, Timothy Warren. "Due to job and economic conditions, many homeowners are delinquent on their mortgages and those problems will eventually find their way into foreclosure statistics."

Still, the news had to be encouraging for those looking to sell their homes. Many have tried to accelerate their moving plans by cutting their prices in order to appeal to buyers shopping for discount foreclosures. A report by Trulia.com said that 27 percent of home listings on the market have experienced at least one price cut.
 

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