According to a new report, foreclosure petitions in the state of Massachusetts in June were down to the lowest rate since the statistic began being reported in 2006. They were down 84% compared to June 2012, according to The Warren Group’s report.
Foreclosure Deeds Also Down
The number of foreclosure deeds, the document representing a completed foreclosure proceeding, fell by 56% from June 2012, the report said. In terms of sheer numbers, this means that 2,943 foreclosures occurred in June 2013 compared with 9,425 during the same month a year ago. A bankruptcy attorney can tell you this is a good sign, meaning many fewer homeowners are finding themselves drowning due to their underwater mortgages.
Nationally, foreclosure rates were down 13.7%, putting Massachusetts well ahead of the curve, according to a Cincinnati bankruptcy attorney. The highest rates of foreclosure occurred in Florida, Illinois, and Maryland, with rates as much as three times the national average. Although rates are down, every 1 in 1,025 houses received a filing last month. So the problem is not going anywhere on the national level just yet. But for Massachusetts, the outlook is beginning to get a bit rosier.
Other states with foreclosures plummeting include California, which also saw a record low in the last quarter and seems to be bouncing back from the housing crash at a steady clip. The road to solvency is long and arduous, but it is promising to see some states appear to be on their way back to prosperity and successful home ownership.
If you are stuck with an underwater mortgage and facing the prospect of foreclosure, consulting a bankruptcy attorney is the wisest move you can make.