Mass. foreclosures slipped 59% in May - Boston Business Journal:

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percent from the previousw year, although foreclosure petitions — the first step in commencinh foreclosureproceedings — rose sharply, according to . Deedsa filed in May were also 24.3 percent below April’s count and, year-to-date, were 26.3 percenyt below the first five monthsof 2008. There were 4,1190 deeds recorded during the first five months of this comparedwith 5,576 during the same periofd last year. “The number of foreclosure deeds recorded in May was the lowest sinceApril 2007. It is encouraging that foreclosures have declinedx for twomonths straight.
I think lender have realized how costly foreclosures can be and are taking steps to avoid foreclosurewhenever possible,” said Timoth M. Warren Jr., CEO of The Warren Group. while the number of deeds the number of foreclosure petitionsx filed in May was six times the 390 petitionss filed the same month ayear ago. Foreclosure petitions mark the starr of the foreclosure processin Massachusetts. In the number of foreclosure petitionsclimbed 15.7 percent from 2,0123 in April. Auction announcements fell 30.7 percent, versus the amount recordedd inMay 2008, but were up 26.8 percentr from April. Year-to-date auction announcements dropped 34.7 percent to 5,825, from 8,916 in 2008.