Foreclosures Drop Dramatically in Wilmington, Across The State
Numbers are a positive economic indicator.
The latest indication that the local economy is on the upswing is a significant drop in foreclosures.
According to information published by the Warren Group, Massachusetts foreclosures saw a dramatic drop in Janaury. There were double-digit decreases in both starts and completed foreclosures. The Warren Group is the publisher of Banker & Tradesman.
The number of foreclosure petitions in Massachusetts dropped from 1,333 in January 2012 to 940 in January 2013, a drop of almost 30 percent.
In Wilmington, there were just three foreclosure petitions and just one foreclosure deed in January 2013, a drop of 50 percent from January 2012.
"We're finally seeing a clear picture of the trend in foreclosures - and it is good news," said Timothy M. Warren Jr., CEO of The Warren Group. "The housing market has greatly improved - a sign that the economy is gaining ground and foreclosures will continue to subside."
Josephine MorningStar
11:04 am on Friday, March 22, 2013
i could be wrong, but it seems to me that the reason behind drop in foreclosures, is more to do with what the banks can get out of the house. if no one is able to buy houses, esp foreclosed on houses.. then it would be more prudent for the bank to keep the home 'owner' or person with the loan IN the house, so they can make the payments.. even if they restructure the payments to be something the home owner can afford.. that is still money they can get, rather then no money with a house sitting vacant, and then open to vandalism or the house going to major disrepair by not being maintained..
Kevin MacDonald
12:03 am on Tuesday, April 2, 2013
Good point Josephine. The numbers that are reported with regard to foreclosure decreases are really not true indicators of economic health. Many banks realized, especially the banks that write bonding for municipalities, that housing value decreases in communities translate into lower tax receipts that translate into lower business profit from gouging the tax payers already struggling in a community. It seems that they would prefer to be able to gouge more from artificial numbers that keep taxes high.