Posted by Ryan Mooney October 2, 2012 12:52 PM
Foreclosure data released by the Boston-based New England real estate tracker shows 556 completed foreclosures across the Bay State, the lowest number since February 2011. Danvers followed the trend of plummeting foreclosure numbers with no foreclosures in August after recording four in August of last year.
One foreclosure auction was announced in Danvers in August, and two petitions, which mark the start of the foreclosure process. Overall, there have been 14 completed foreclosures in Danvers this year, compared to 19 for the first eight months of last year.
The low foreclosure numbers for the year in Danvers also reflect a trend across Essex County, where completed foreclosures were down over 10 percent year-over-year, from 558 in the first eight months of 2011 to 500 so far this year.
Cory Hopkins, editorial director for the Warren Group, which publishes Banker & Tradesman, expects the statewide trend to continue.
"Fewer foreclosures were completed in recent months, which may indicate a greater effort from lenders to find loan alternatives," Hopkins said in a statement. "As banks continue to return to more normal foreclosure procedures and the housing market follows the same path, we are likely to see more good news in coming months."
Year-over-year petitions rose slightly across the state in August, increasing 4.2 percent to 1,456 from 1,397 in August 2011. But while Essex County was not immune to the rise, showing a nearly 8 percent increase for this August, Danvers recorded two foreclosure petitions, three less than last August.
Complete town-by-town foreclosure data from the Warren Group can be found here. For a county-by-county breakdown, click here.
Ryan Mooney can be reached at firstname.lastname@example.org. Follow him on Twitter @mooney_ryan.