Low real estate foreclosure numbers suggest recovery

| Jun 26, 2013 | Foreclosure

Most of people in Worcester are fortunate enough to never experience the painful struggle of home foreclosure. With the stigma of financial failure attached to every foreclosure petition, some people never recover from the emotional and financial challenges associated with losing their homes. Over the last decade, an unprecedented number of individuals have been subject to this unpleasant fate.

Fortunately, all of that might be changing for the better. Recent real estate foreclosure statistics released for the state of Massachusetts and specifically Worcester County indicate that fewer and fewer homeowners are falling into foreclosure nightmares. The Warren Group reports that the number of foreclosure petitions filed in Massachusetts during May 2013 is 86% lower than it was in May 2012. It is also the first time in just under decade that statewide monthly foreclosure petitions were under 250.

Worcester County is also experiencing this positive trend. The county just beat the state improvement average by providing a drop of 88% in May 2013 foreclosures when compared to May 2012 foreclosures. Experts at The Warren Group suggest that these trends, along with prior positive foreclosure progress, show that the real estate crisis of the last few years has ended.

Although these trends are surely good news for property owners across the state, not all people in and around Worcester County will be able to avoid the damaging process of foreclosure. Proactive homeowners who are able to manage their mortgage rights and responsibilities may be able to hold off foreclosure by their creditors, though not all will be able to successfully do so. Individuals who feel that they cannot avoid foreclosure on their own may seek out professional assistance to manage the foreclosure process.

Source: Worcester Business Journal, “Warren Group: Plummeting Foreclosures Show Crisis Has Passed,” Jacquelyn Gutc, June 20, 2013