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Foreclosures Down In February, But Petitions Rise

The number of foreclosed homes in massachusetts fell more than 4 percent last month compared to a year ago, but is likely to increase.

Vincent Valvo with the real estate tracking firm The Warren Group says a state law has made the process longer, slowing down foreclosures.

"That's probably a temporary blip," Valvo explains. "It's probably being brought about by a slowdown in the process overall."

Valvo says more homes will get foreclosed on in the near future as more lenders are entering the foreclosure process.

"Eventually down the road we're likely to have a lot more properties actually sold by foreclosure deed — actually taken from the borrowers — than we're seeing right now," Valvo says.

Petitions for foreclosures jumped 17 percent from January to February.

This program aired on March 31, 2009. The audio for this program is not available.

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