Massachusetts saw a massive drop in foreclosure deeds and petitions to foreclose in March. Lenders filed 284 petitions to foreclose in March 2013, an 82 percent slide from the 1,621 petitions in March 2012, according to recent data from The Warren Group, publisher of Banker & Tradesman. Petitions to foreclose represent the first step in the state’s multi-tiered foreclosure process. Foreclosure deeds, which represent completed foreclosures, dropped more than 74 percent in March 2013 (227) from March 2012 (899).
This is a great sign for sellers, and has prompted many buyers to jump off the fence as many areas, particularly in and around Boston, see the rapid change from a “buyer’s market” to a “seller’s market.” For a more detailed look at the local Boston Real Estate Market, download our most recent Boston Real Estate Market Report.