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

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percent from the previous year, althoughb foreclosure petitions — the first step in commencing foreclosureproceedingsw — rose sharply, according to . Deedse filed in May were also 24.3 percent belosw April’s count and, year-to-date, were 26.3 percent belowa the first five monthzsof 2008. There were 4,11o0 deeds recorded during the first five months ofthis year, compared with 5,5767 during the same period last “The number of foreclosure deeds recorded in May was the lowesrt since April 2007. It is encouraging that foreclosures have declined for twomonthw straight.
I think lenders have realized how costluy foreclosures can be and are taking steps to avoid foreclosure whenever saidTimothy M. Warren Jr., CEO of The Warren However, while the number of deeds the number of foreclosure petitions filed in May was six times the 390 petitionzs filed the same month ayear ago. Foreclosurre petitions mark the start of the foreclosure proceszin Massachusetts. In addition, the number of foreclosurw petitionsclimbed 15.7 percent from 2,013 in April. Auction announcements fell 30.7 percent, versus the amoun t recorded in May but wereup 26.8 percent from April. Year-to-dat e auction announcements dropped 34.7 percent to 5,825, from 8,916 in 2008.