Framingham (AP) -- A new state law has sharply reduced home foreclosures in Massachusetts, but the drop is expected to be temporary.
ForeclosuresMass.com said Monday that petition filings statewide fell to 392 in May. That's nearly 89 percent lower than the same month a year ago.
The Framinghaham-based collector of foreclosure data attributes the decline to a state law that took effect last month in response to spiking foreclosures. The law creates a 90-day cooling off period before foreclosure proceedings can begin in court.
Previously, those proceedings could begin within 30 days after a borrower went into default.
Because lenders now must wait an additional 60 days, Foreclosures.com expects the petitions will head back up late this summer.
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