Thomas Grillo
Real Estate Editor- Boston Business Journal
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Foreclosure activity in Greater Boston fell in February to their lowest levels in more than five years amid a strengthening real estate market, according to newly released data from CoreLogic, the California-based property information tracker.
The portion of Boston area homeowners who were in some stage of foreclosure was 1.25 percent in February, a decrease of 0.65 percentage points compared to February 2013 when the rate was 1.90 percent. Foreclosure activity in Boston was lower than the national foreclosure rate, which was 1.93 percent in February.
Also in Boston, the mortgage delinquency rate decreased. Data for February found that 4.43 percent of mortgage loans were 90 days or more delinquent compared to 5.44 percent for the same period last year. In Massachusetts, the delinquency rate was 4.52 in February, down from 5.36 percent in February 2013.
Alan Clayton-Matthews, an economist at Northeastern University’s School of Public Policy, said falling foreclosure rates in the Bay State is consistent with job growth and an improved economy.
“We are in the fifth year of a recovery, and along with that has been a steady increase in payroll employment, and therefore household balance sheets are better off,” he said.
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