Foreclosures up in Medford up through June

By Matt Byrne, Town Correspondent

Petitions by lenders to foreclose on Medford homeowners have increased so far this year by nearly a third compared to the same six months last year, new housing data shows.

Banks and mortgage companies have initiated a total of 44 foreclosures on Medford homes, up from 34 during the same period in 2011, according to the Warren Group, which tracks housing data throughout the state.

Other indicators were largely unchanged when compared with the first six months of 2011: Foreclosure auctions slid from 22 to 18; Foreclosure deeds rose from 19 to 21.

For town-by-town stats, click here.

Statewide, the latest figures for June, when banks initiated 1,254 foreclosures, are down nearly a third when compared to May. Foreclosure deeds, the mark of a completed foreclosure process, also dropped, almost 24 percent to 715 in June, down from 936 in June 2011.

The figures point to a recovering housing market, said Timothy Warren Jr., CEO of the Warren Group. "It's pretty significant to see foreclosure petitions drop by almost 30 percent from just a month ago," Warren said in a statement.

Last year a multistate investigation by state attorney generals halted much of Massachusetts foreclosure activity, creating a build-up of distressed properties that banks are now working through, he said.

"Foreclosure numbers are beginning to become clearer. After such a slow year for foreclosures in 2011 that left many distressed properties in limbo, we are starting to see banks work their way through the backlog."