Massachusetts Foreclosures Drop Dramatically

ForeclosuresVT President and co-founder, Jeremy Shapiro The U.S. market is in undeniably bad health but signs of improvement are out there. The National Association of Realtors' April index of future home sales jumped to its highest level in eight months. Many attribute the rise to the thrifty consumers capitalizing on fallen home prices related to rising rates of foreclosure. Illinois has been doing much better than most states in regard to the foreclosure crisis, but they are finally beginning to see the slump in their housing market. In Woodford County, the number of notices for foreclosures has nearly doubled since the beginning of the year to June. So far this year there have been 64 pending foreclosures compared with 37 during the same time last year. Massachusetts foreclosures have plummeted to more than two-year lows, but the drop may be temporary and due to a new law passed on May 1st. the law gives delinquent homeowners 90 days to pay up before foreclosure can occur. Lenders initiated just 390 Bay State foreclosures last month. That's an 88 percent drop from April's 3,327 filings. This is also the first time since January 2006 that lenders have launched fewer than 1,000 foreclosures a month.

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