The Warren Group reported that the number of Massachusetts foreclosure deeds filed (meaning foreclosures finalized) dropped to 880 in November, a 11.6% reduction from October's 996.  But the November 2008 number is still 37.9% above the November 2007 number.

Foreclosure petitions (meaning initiations) dropped even further - 31.8% from October to November, and a more dramatic 50.9% from November 2007 to November 2008.  For the year to date (January thru November), 2008 petitions were at 20,179 versus 26,848 for 2007.

Are the bank's efforts to modify loans rather than foreclosure showing some impact?  Too soon to tell for sure but the last couple month's data does indicate that.  As I wrote here, October petitions were down 33% from September and now November is down substantially as well, so it could be an early sign the the pace of foreclosures is slowing and hints that we may not be seeing as much distressed inventory coming on market in 2009.  And that's a good sign for the market.