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Marblehead bucks state foreclosure trend in January

Posted by Matt Byrne  March 6, 2012 10:04 AM

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Despite a statewide trend that saw lenders begin to return to the foreclosure process in 2012 with vigor, Marblehead escaped Jauary relatively unscathed.

While many communities saw increases in new foreclosures and auctions of foreclosed homes, fewer of each were recorded in the first month of 2012 when compared to the same figures for January 2011.

Petitions by lenders to initiate the foreclosure process dropped from three last January to one in the same month this year, according to new figures released by the Warren Group, which tracks housing data throughout the state.

The only black mark on the monthly report was the measure of completed foreclosures, known as foreclosure deeds, which increased from zero last January to three this year.

For town-by-town foreclosure stats, click here.

Statewide, lenders are returning to the foreclosure process after it slowed last year when banks were plagued by legal questions about documentation.

"Banks were slow to initiate foreclosure petitions in much of 2011, so now we are seeing the backlog of foreclosures work through the system," said Timothy M. Warren Jr., CEO of The Warren Group, in a statement. "The increase doesn't necessarily indicate a declining economy, but rather a step toward seeing a clear picture of the market."

In January, there were 662 foreclosure deeds filed statewide, a 25 percent increase from 529 deeds recorded in January 2011, according to the Warren Group. 

Foreclosure deeds represent completed foreclosures. This is the fewest number of deeds statewide since May, when 571 foreclosures were completed, the group said.

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