Fewer Malden homes were foreclosed on by lenders in August than in the same month last year, according to new data released this week. Only seven units were foreclosed on, down from 12 last August.
While the monthly stats were encouraging, the number of petitions by banks to foreclose on homes has risen, when compared to 2011, according to The Warren Group, which tracks real estate transactions throughout the state. So far this year, 80 homes have been subject to foreclosure, up nine from in the first eight months of 2011.
Deeds of foreclosed homes, the mark of a completed foreclosure process, also have increased for the year, from 38 through the first eight months of 2011, to 52 in the same period this year.
Auctions of foreclosed homes have declined, though, from nine at this point last year to only two so far in 2012.
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Statewide in August, fewer foreclosures were recorded than in any other month so far this year.
Lenders completed 566 foreclosures in Massachusetts, the third consecutive month that the state's foreclosure rate fell when compared to the same months last year.
"Fewer foreclosures were completed in recent months, which may indicate a greater effort from lenders to find loan alternatives," said Banker & Tradesman Editor Cory S. Hopkins 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," Hopkins said.
Matt Byrne can be reached at email@example.com.