Posted on Monday, 4th July 2011 by Charles Melvin
Bay State foreclosures fell dramatically last month to their lowest level of the year, a sign that lenders are proceeding cautiously to avoid court battles with homeowners.
The number of homes seized by lenders dropped to 454 in May, down from 1,294 in May of 2010, a decrease of nearly 65 percent from a year ago, according to The Warren Group.
A total of 2,566 foreclosures have been recorded in the first five months of the year, down 58 percent from 6,118 a year earlier, the Boston-based real estate tracker said.
Foreclosure petitions, which mark the first step in the foreclosure process, dropped by nearly 67 percent year-over-year to 699 from 2,110 in May 2010. Through May, 4,426 petitions to foreclose have been filed statewide, down 60 percent from 11,118 during the same period in 2010.
The Warren Group said delayed foreclosures are masking the reality of the market, noting that lenders are continuing to be cautious with the legal process, which caused a drop off in foreclosure starts and deeds.
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