BOSTON — Year-over-year foreclosures in Massachusetts are down for the ninth month in a row.
The Warren Group, a real estate tracking firm, reported Tuesday that 407 foreclosures were initiated in the state in July. That’s a 66 percent drop compared to the same month last year.
Warren Group spokesman David Harris said the drop shows the housing recovery is in full force in Massachusetts.
“Low interest rates have helped stimulate home buying throughout the commonwealth, which has helped increase home equity values and helped homeowners who might otherwise be underwater,” he said.
He also attributed the drop to the state’s new foreclosure prevention law, which forces banks to help people refinance homes when possible.
Foreclosure deeds also fell, from 648 in July 2012 to 298 this July.