Malden foreclosures down dramatically in 2011

By Matt Byrne, Town Correspondent

Malden foreclosures slowed dramatically in 2011, new data shows, dropping by more than half from 2010 levels.

In all, 108 single-family homes were foreclosed on by lenders, down from 221 the year before, according to the Warren Group, which tracks housing data throughout the Commonwealth.

Also on the decline were foreclosure deeds, which indicate completed foreclosures. In 2010, 117 deeds were filed, but only 72 were approved last year.

The number of auctions of foreclosed homes in the city increased, though, from just three in 2010 to 12 last year.

Malden followed statewide trends, which saw foreclosures slide from more than 12,200 in 2010 to about 8,500 in 2011.

To see town-by-town foreclosure stats, click here.

But Timothy Warren, CEO of the Warren Group, said that while the decline is encouraging, banks purposely slowed the process last year.

Some of the delays came after lenders throughout the country were found to have rushed the foreclosure process, muddled paper work, and in some cases foreclosed on homeowners prematurely.

Nationwide, much of the the housing market is still roiling. About 20 percent of American home sales in 2011 were from foreclosure auctions.

Comparatively, Massachusetts has fared much better, with only 3.8 percent of sales derived last year from foreclosed single-family properties; condominium foreclosure sales accounted for 5.6 percent in Massachusetts.

On that note, Warren was hopeful.

"While we're not completely out of the woods, it's promising to hear how well Massachusetts is doing relative to the national average," he said in the statement.