Massachusetts foreclosure activity dropped sharply in March, the Warren Group says

A big March drop in foreclosure activity suggests that “the foreclosure crisis is over” in Massachusetts, the Warren Group said in Monday’s issue of “Banker & Tradesman.”

Timothy M. Warren Jr. Photo taken from the Warren Group’s website.

The Warren Group is a Boston-based firm that tracks local real estate and compiles foreclosure data; the firm also publishes “Banker & Tradesman.”

During March, lenders filed 284 petitions to foreclose, the first step in the foreclosure process in Massachusetts. That number was down 82 percent from the number of petitions filed during March 2012, the Warren Group said.

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Foreclosure deeds, which represent finished foreclosures, decreased by more than 74 percent to 227 in March when compared with the same month from a year ago.

“Overall, we’re seeing foreclosures drop all over the country, but Massachusetts is exceptional in its reduction,” Warren Group chief executive Timothy M. Warren Jr. said in a statement. “The Mortgage Bankers Association reports that we rank 48th in foreclosures started in the first quarter of 2013. Foreclosure prevention efforts combined with a booming real estate market are leading to fewer foreclosures.”