Foreclosure activity has been steadily declining in recent months, a trend that continued in Massachusetts in September, according to the Warren Group.
A total of 973 foreclosure petitions were initiated in September, which was a 47 percent decline from August and 16.4 percent year-over-year drop. In the third quarter, 4,004 petitions were filed, down from 4,348 in the first quarter and 4,783 in the second.
Meanwhile, the number of foreclosure deeds recorded in September decreased 32 percent from a year ago. Compared to the third quarter in 2011, deeds were down 30 percent.
"The pace of homes entering the foreclosure process slowed in September, another strong indicator of a housing market recovery," said Timothy Warren Jr, CEO of The Warren Group. "Foreclosure deeds declined for the fourth month in a row. That's another good sign."
Foreclosure activity has improved on a national level as well. According to RealtyTrac's Q3 2012 Metropolitan Foreclosure Market Report showed third quarter activity was down compared to last year in 131 of the nations 212 metro areas with a population greater than 200,000.