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Medford foreclosures on the decline

Posted by Jarret Bencks  January 2, 2013 11:51 AM

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Foreclosure actions on Medford properties fell in November, in line with state trends that show a dramatic decrease in Massachusetts foreclosures in 2012, according to recently released real estate data.

A total of four foreclosure petitions were filed in Medford in November, down from seven in November 2011, according to data from real estate publisher The Warren Group. Only one foreclosure auction took place in Medford in November, down from five in the same month in 2011.

Year-to-date, foreclosure petitions in Medford had dropped to 77 from 85 in the same time span in 2011, according to the data. Foreclosure auctions were down more than 40 percent, from 36 to 21.

Statewide, November was the second month in 2012 where foreclosure petitions filed by banks dropped statewide and the fewest recorded in a month since May 2011, according to a statement from The Warren Group. A total of 1,015 foreclosures were initiated in November 2011 compared to 983 in 2012, the statement said.

Foreclosure deeds dropped about 60 percent, from 731 to 295, according to the data.

"We're beginning to see a brighter picture - with less foreclosures and more home sales," Timothy Warren Jr., CEO of The Warren Group, said in a statement. "An improving employment picture combined with government-backed programs are leading to fewer mortgage delinquencies."

Jarret Bencks can be reached at bencks.globe@gmail.com. Follow him on twitter @JarretBencks.

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