The number of completed foreclosures in Massachusetts dropped by almost 13 percent in 2012 to 7,424, down from 8,531 in 2011, The Warren Group, publisher of Banker & Tradesman said Monday.
Overall, there were 265 foreclosure deeds recorded in Massachusetts during December, a 65 percent decrease from the number recorded in the same month a year ago.
In December, 835 foreclosure petitions were started in Massachusetts, down 17 percent on a year-to-year basis, said the Warren Group, a Boston firm that tracks real estate activity. Foreclosure deeds represent completed foreclosures. The first step in the foreclosure process is a foreclosure petition.
"Foreclosure activity nationwide is declining, and Massachusetts is following the same path. Deeds were down for the year, petitions declined for the past two months and I think that will continue," said Timothy M. Warren Jr., CEO of The Warren Group.
"Foreclosures have been trending down for several years now. A robust real estate market will ensure that this trend continues in 2013."
Petitions deeds dropped dramatically in the fourth quarter. Foreclosure deeds decreased to 931 in the fourth quarter, a 56 percent dip from 2,266 deeds in the fourth quarter of 2011.
