Foreclosure activity in Massachusetts dropped sharply in July on a year-to-year comparison basis, further evidence that the recovery of the housing market continues apace, the Warren Group reported Tuesday.
Last month, 407 foreclosures proceedings were initiated in Massachusetts in July, a 66 percent drop from the same month of a year ago, said the Warren Group, a Boston firm that tracks local real estate data and that publishes Banker & Tradesman.
Meanwhile, the number of Massachusetts foreclosure deeds, the final step in the foreclosure process, dropped to 298 in July, a 54 percent decrease from 648 in July 2012.
“As the housing market recovery carries on, the slowdown in foreclosure continues,” David Harris, editorial director at The Warren Group, said in a statement. “An improving economy, rising home prices, and the spring’s low interest rates have boosted home equity values, thus suppressing foreclosure activity.”Chris Reidy can be reached at firstname.lastname@example.org.