Business

Mass. foreclosure activity continues ‘steady drop’ in July

A home for sale in Newton in 2011.

AP File/2011

A home for sale in Newton in 2011.

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. 

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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 reidy@globe.com.
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