Foreclosure petitions dropped 100 percent in Wilmington in March of 2013 compared to the same month a year prior, according to a recent report by the Warren Group.
In March of 2012, there were four foreclosure petitions filed in Wilmington, compared to zero in March of 2013.
Year-to-date foreclosure petitions in Wilmington through the first three months of 2013 dropped 50 percent compared to the same time frame a year ago, from 14 in 2012 to seven in 2013.
Foreclosure deeds, which represent completed foreclosures, also dropped in Wilmington in March 2013, according to the Warren Group, from two in March of 2012 to one in March of this year.
Foreclosures petitions in Middlesex County dropped nearly 80 percent in March of 2013 compared to the same month a year prior, according to the Warren Group.
In March of 2012, there were 243 foreclosures petitions in Middlesex County, compared to only 50 in March of 2013, a drop of 79.42 percent.
Year-to-date foreclosures petitions in Middlesex County also dropped in the first three months of 2013 compared to the same time frame in 2012.
Through the first three months of the 2012, there were 631 foreclosure petitions in Middlesex County, where in 2013 there were 286, a drop of 54.68 percent.
The trends of decreasing foreclosure petitions in Wilmington and across Middlesex County mirror the trend statewide, according to Warren Group CEO Timothy M. Warren Jr.
"Overall, we're seeing foreclosures drop all over the country, but Massachusetts is exceptional in its reduction. The Mortgage Bankers Association reports that we rank 48th in foreclosures started in the first quarter of 2013," said Warren Jr. "Foreclosure prevention efforts combined with a booming real estate market are leading to fewer foreclosures."