Foreclosure Starts in Massachusetts Slow Down in April

On the surface, news that foreclosure starts have increased from April 2014 to April 2015 may seem like bad news. However, Boston City Properties has looked more closely at the data and can confirm that the latest news is actually quite promising. According to a report by the Warren Group, lenders in Massachusetts filed 958 foreclosure petitions in April of this year. That represents a 29.5 percent increase from April 2014, when 740 petitions were filed, which is actually the smallest percentage increase in new foreclosure starts since February 2014.

So far this year, 3,552 foreclosure petitions have been filed in the state. At this point last year, 2,203 petitions had been filed, so there has been a 61-percent increase when compared with last year. Again, however, the increase is much less dramatic than it has been in the past, giving hope that many foreclosures will be cleared off the market. This would help to boost the local real estate market even more, which would be great news for investors, home buyers and home sellers alike.

It's also worth mentioning that 352 foreclosure deeds, which represent completed foreclosures, were filed in April of this year. In April 2014, 229 foreclosure deeds were filed. Once again, this 53.7-percent increase is less dramatic than previous increases.

Even with so much foreclosure activity happening, Boston's real estate market is positively vibrant. Whether you are looking to buy or rent a home, need to sell a place or would like to invest in residential or commercial property in or around the city, Boston City Properties has you covered.

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