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Mass. Foreclosures Drop As Lenders Straighten Out Paperwork

There has been a big drop in foreclosures in Massachusetts, according to real estate tracking firm The Warren Group. Completed foreclosures fell 59 percent in January, compared to one year ago.

The group's Vincent Valvo said lenders are taking more time to straighten out paperwork before foreclosing, which he said could be delaying the inevitable, stretching it "to where we're going to have an ongoing sort of a low-level temperature for the next four or five years, because it's going to take that long to now move all these through the pipeline," he said.

Petitions, the first step in the foreclosure process, are also down 58 percent.

This program aired on March 3, 2011. The audio for this program is not available.

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