Fewer Home Foreclosures Happening in Chelmsford

Lenders are foreclosing on fewer homes in Chelmsford.  

Massachusetts’ foreclosure petitions, which are the first step to the foreclosure process, have fallen to the lowest recorded monthly level since 2006, according to The Warren Group.

In Chelmsford, foreclosure petitions year-to-date are down 74.5 percent compared to this time last year. Zero homes were foreclosed upon in June, compared to five homes in June of last year.

The sharp rise in home prices led to the decline in foreclosures, The Warren Group reports. Fewer homeowners currently owe more than their house is worth. 

In other terms, fewer homeowners are underwater.

Besides the rise in prices, a healthy economy and improved employment levels have allowed for fewer foreclosures.