The latest statistics from the Warren Group, a Boston-based real estate tracking company, showed the total number of homes seized for nonpayment in the Bay State slipped to just 454 in May, according to a report from the Boston Globe. This was a drop of 65 percent from the 1,294 observed during the same month in 2010.
In addition, the number of foreclosures in the first five months of 2011 declined to 2,566, the report said. That marked a 58 percent dip from the same period last year.
However, experts warned that these improvements were likely not the result of Bay Staters being more conscientious about paying their delinquent home loan bills, the report said. Instead, many lenders in the state have simply slowed the rate at which they file this type of action, and the number of foreclosures could spike again in the near future.
“Delayed foreclosures are masking the reality of the market,” Vincent Valvo, editor in chief of Banker and Tradesman, which is published by Warren Group, told the newspaper. “Lenders are continuing to be cautious with the legal process.”
Lenders in Massachusetts aren’t alone in reining in foreclosure filings. This trend has been observed in several other states as well, most notably in New Jersey.
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