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."