The number of new foreclosure petitions — the first step in the foreclosure of a home — fell in Plymouth and Bristol counties in January from a year ago, according to a Boston real estate data firm. Foreclosure petitions dropped 40 percent in Bristol County and 27 percent in Plymouth County, the Warren Group reported Thursday.
The number of new foreclosure petitions — the first step in the foreclosure of a home — fell in Plymouth and Bristol counties in January from a year ago, according to a Boston real estate data firm.
Foreclosure petitions dropped 40 percent in Bristol County and 27 percent in Plymouth County, The Warren Group reported Thursday.
The firm said several large banks and lenders have suspended foreclosures, and lenders are facing political pressure to work with borrowers, possibly leading to the slowdown in new foreclosure proceedings.
In Brockton, for example, the number of foreclosure petitions dropped by more than a third, to 73 from 113 a year ago. In Easton, foreclosure petitions fell to two from six, according to The Warren Group.
Brian Moriarty, director of Neighborhood Housing Services in Brockton, a housing counseling program, said he hopes the Obama administration plan unveiled Wednesday will help prevent the foreclosure petitions from becoming actual foreclosures.
“My phone just rang off the hook yesterday. There are a lot of people out there that need help,” Moriarty said.
Obama’s $275 billion plan includes money to help modify mortgages for struggling homeowners and a change in refinancing rules to make some loans from Fannie Mae and Freddie Mac more affordable.
Unlike foreclosure petitions, completed foreclosures have not slowed in the region.
Plymouth County saw a 15 percent jump in foreclosures last month compared to a year ago.Foreclosures rose 11 percent in Bristol County. Foreclosures rose about 22 percent statewide.
Local towns that saw a spike in foreclosures included Bridgewater, which had five foreclosures in January compared to just one a year ago; Middleboro, which jumped from two to five foreclosures; and Holbrook, which had three foreclosures, compared to none in January 2008.
In Brockton, the number of foreclosures remained identical to a year ago at 43, the third highest of any community in the state, behind Dorchester and Worcester.
Kyle Alspach can be reached at email@example.com.