Business

Foreclosure levels continue to drop in Mass.

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A strong housing market and improved economy helped drive foreclosure activity well below last year’s levels, according to a Boston real estate tracking firm. Lenders initiated 407 foreclosures in July, down from 1,198 in July 2012 — a 66 percent drop, Warren Group reported. It was the ninth consecutive month of year-over-year declines. Completed foreclosures also plunged significantly from July 2012, falling 54 percent.

Globe staff