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Foreclosures in Medford showing decline

Posted by Matt Byrne  December 29, 2011 10:05 AM

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While new foreclosures in Medford declined from 2010 through November, completed foreclosures by lenders jumped, new housing data showed.

In the first 11 months of 2011, petitions for new foreclosures dropped to 85, from 120 at the same time last year, according to the Warren Group, which tracks housing information throughout the state.

Auctions of foreclosed homes also slid sharply, from 78 last year to 36 in 2011.

To see town by town foreclosure stats, click here.

On the rise, however, were foreclosure deeds -- the measurement of a completed process by the bank -- which increased to seven, from only one last year.

A similar trend statewide in completed foreclosures indicates the lending industry is plowing through old applications to foreclose after a 12-month slowdown in paperwork processing, according to the Warren Group.

"An increase in foreclosure deeds tells us that the backlog of foreclosures is moving through the process. The modest decline in petitions could indicate that an improving employment picture is leading to fewer mortgage delinquencies," said Timothy M. Warren Jr., CEO of The Warren Group.

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