Foreclosure activity fell in April

The Warren Group, which publishes Banker & Tradesman, reported this week that foreclosure petitions in April in Massachusetts fell dramatically from a year earlier, although applications to the court increased from a month earlier.

The petitions are the first step in the actual foreclosures.

Just 370 petitions were filed in April, compared to 1,750 in April 2012 and 284 in March.

With increased median selling prices, foreclosure petitions have declined, according to Timothy M. Warren Jr., CEO of the Warren Group.

Last year, the state enacted a law “that requires banks to notify borrowers of their rights to pursue a loan modification before foreclosing,” noted Warren. As banks modify their procedures to comply with the new law, foreclosure activity may increase, he said.

The number of foreclosure deeds and advertised auctions dropped as well.

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