Grim news, but some hope, on foreclosures

Foreclosures continue to plague cities across the North region, where hundreds of homes were sold at auction in July, according to new real estate data published by the Warren Group of Boston.

Lynn had 46 foreclosures in July, tying Brockton and the Dorchester section of Boston, for the third most foreclosures recorded for the month, the data show. Worcester, with 68 foreclosures, and Springfield, with 61, led the state, the Warren Group said.

Statewide, foreclosures in July increased 34 percent from July 2007, pushing the total so far for 2008 past the total number recorded for all of 2007, when 7,653 homes in Massachusetts were sold at auction, the group reported.

But the monthly total also was 3 percent lower than June, shining a ray of hope on the state's housing crisis. "The bad news is that we have more foreclosures so far this year than all of last year," said Timothy Warren, chief executive of the Warren Group, which publishes real estate data based on transactions recorded at Registry of Deeds offices. "But on a more positive note, foreclosure activity appears to have moderated."

Haverhill had a more modest increase, with 22 homes foreclosed on in July, compared with 17 a year ago. Chelsea had 16 foreclosures in July, compared with two in July 2007. Revere had 16 foreclosures in July, just three more than last year. Everett had 12 foreclosures in July, compared with five in July 2007. Malden had 10 homes foreclosed on in July, three less than July 2007.

Eastern Bank cut the ribbon last week on a new branch in Chelsea. The office, at 90 Everett Ave., is Eastern's 74th overall in a branch network stretching from the Merrimack Valley to Cape Cod. The new office, with a drive-up window and a 24-hour ATM, also expands Eastern's reach in Suffolk County. Chelsea, a city teeming with new immigrants, has about 35,000 residents. "The Chelsea branch further extends Eastern Bank's footprint in the Greater Boston area," said Richard E. Holbrook, chairman and chief executive at Eastern.

Five Below, a retailer where items cost $5 or less, is a big hit with local youngsters heading back to school.

The store at Liberty Tree Mall in Danvers has had a strong opening, with young customers scooping up everything from soccer balls to video games to school book bags.

"Some people have called our store a modern day Five-And-Dime for preteens," said Tom Vellios, president and cofounder of the Philadelphia-based retail chain. "The over 9-and-10-year-old market is growing so fast. . . . They shop frequently and don't spend a lot of money."

Vellios, a founder of the defunct educational retailer Zany Brainy, said Five Below is not simply a dollar store. "We knew we couldn't stay at the $1 price and bring forth brand names. . . . We did our own research and settled on $5."

Desk lamps, Red Sox figurines, T-shirts, and DVDs line the shelves of the Danvers store. Since opening last month, Five Below has rung up strong sales, and made a $1,000 donation to the Big Brothers Big Sisters of Massachusetts Bay to mark its grand opening.

Five Below also plans a store in Saugus, at the site of the former Tweeter electronics store on Route 1 north. A third store is also planned for Nashua. Each store is due to open in October, Vellios said.

"We see New England as a powerful market," Vellios said. "People there love off-price retailers."

The North Shore Chamber of Commerce on Wednesday will present the "State of the Region," featuring mayors and town managers from across the region. The breakfast forum will start at 7:30 a.m. at the Sheraton Ferncroft Resort in Danvers. The cost is $25 for chamber members, $40 for non-members. For more information, call 978-774-8565 or visit www.northshorechamber.org

The Entrepreneur's Source in Beverly on Wednesday will offer a free seminar, "Exploring Business Ownership Opportunities," from 6 to 8 p.m., 100 Cummings Center, Suite 221E. A panel will discuss types of business ownership, financing options, and legal and other issues. To register, call 978-232-0003 or e-mail mjhesource@comcast.net.

Kathy McCabe can be reached at kmccabe@globe.com.