There were 1,048 foreclosure petitions filed in Massachusetts during March, marking a 59.4 percent decline from the 2,581 recorded during the same month in 2010, according to the latest monthly statistics from Boston-based consultancy firm the Warren Group. Similarly, there were a total of 2,535 foreclosure actions take in all of the first quarter in the Bay State, down 61.5 percent from the 6,577 in the first three months of 2010.
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“Another month of declining foreclosures is a sign that lenders have adopted a ‘go-slow’ approach to foreclosures,” said Warren Group CEO Timothy Warren. “We haven’t seen a drastic improvement in the housing market to signal the foreclosure crisis is over. There are likely more foreclosures in the pipeline, which will come to the surface in coming months.”
In addition, completed foreclosures also slipped sharply in March, the report said. In all, there were only 552 actions finished during the month, down 60.3 percent from the 1,391 the year prior.
A recent nationwide study found that foreclosure declined 15percent in the first quarter.