The Boston Globe recently reported that figures compiled by the Warren Group demonstrate that the Massachusetts economy seems to be on the mend, and that is resulting in a better market for real estate.
In February 2013, there were 856 foreclosure petitions filed in the Commonwealth of MA, which is the first step in a lender foreclosing on its secured mortgage debt. This is a drop of 38 percent in comparison with February 2012, and reflects an improving economy in the Baystate.
The Warren Group cites this result as partly due to an increased willingness of lenders to consider short sales and loan modifications, which likely masks the true meaning of the drop in foreclosures. However, any decline is positive news for those of us hoping that the worst is behind us and the real estate market may have stabilized and is actually improving.
Let’s wait and see how long this trend continues.
Michael B. Katz, Esq.
Photo credit: Jeffery Turner