According to the Boston Globe, foreclosure activity in Massachusetts took a drastic fall in July on a year-over-year basis, showing solid signs the housing market is recovering in the state.
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.
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.
