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Mass. Foreclosures Drop In March

There was a big drop in foreclosures in Massachusetts in March.

According to real estate tracking agency The Warren Group, completed foreclosures were down 62 percent last month, compared to a year ago.

But the group's Vincent Valvo says the lower numbers may be misleading. He says most of the drop is because of issues with foreclosure paperwork, which could mean foreclosures will drag out for a year or more.

"We think that there are likely to be a lot more foreclosures that are going to happen, it's just going to get stretched out over a longer period," he said.

Valvo says those properties will likely fall into disrepair, adversely affecting the properties and neighborhoods.

Bruce Marks, president of the Neighborhood Association Corporation of America, says speeding up foreclosures won't help anyone.

"These are real people with real families with real lives and we should make every effort we can to modify those mortgages," Marks said.

Some analysts worry a drawn out process could weigh down the housing market.

This program aired on April 20, 2011. The audio for this program is not available.

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