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Danvers sees 54 percent decrease in foreclosure petitions

Posted by Justin Rice  August 11, 2011 08:53 AM

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By Justin A. Rice, Town Correspondent

Fewer foreclosed homes were auctioned in Danvers this year compared to the same period last year, according to recent housing data.

Through June, the most recent month for which data was available, 26 foreclosed homes were sold in auctions compared to 58 homes sold in auction through June 2010, according to The Warren Group, which measures monthly home data in the state.

Since January, the total number of foreclosures in town has also decreased 54 percent to 17, down from 37 at this time last year. June only saw four foreclosure petitions, the same number of petitions in June 2010. The number of completed foreclosures so far this year was also down 57 percent to 11, from 26 this time last year.

Mickey Northcutt, executive director of the North Shore CDC, said the impact of foreclosures has not been as visible on the North Shore because they aren’t happening in clusters.

“It’s a bit of an invisible problem,” he said. “It’s harder to address that way because they are not huge numbers in any one of the communities. And seeing that they are not clustered together it’s more challenging to address.

“The fact is the economy and unemployment are still challenging and that’s what’s leading to foreclosures. I have no reason to believe foreclosures are over or will continue to decline because the root factor is still there with unemployment. “

The Warren Group also warned that the economy is not going to improve anytime soon. Statewide, June saw a sharp spike for foreclosures from the month prior, with 99 more petitions filed on properties, bringing the monthly state total for June to 990. But the numbers are a far cry from a year ago, when in June 2010 more than 2,200 petitions were filed by banks and other lenders.

"The steep decline in yearly foreclosure activity shows there are still a glut of foreclosed properties on banks' books," said Timothy Warren Jr., in a statement by the firm. "A housing market recovery won't be complete until these foreclosures work through the system.”


Justin A. Rice can be reached at jrice.globe@gmail.com


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