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Melrose foreclosure actions down in November, but up year-to-date

Posted by Jarret Bencks  January 2, 2013 12:34 PM

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Foreclosure petitions fell in Melrose in November, but such actions were up significantly year-to-date, according to recently released real estate data.

Two petitions -- the first step a bank takes toward a foreclosure -- were filed on Melrose properties in November, down from five in November 2011, according to data from The Warren Group, which tracks real estate data throughout the state. A total of 45 petitions were filed in Melrose through November, up from the 24 filed through November 2011, according to the data.

Completed foreclosures were also up in Melrose through November. A total of 16 foreclosure deeds had been recorded in the city through November, up from 12 in the same time span in 2011.

For town-by-town data, click here

The trends in Melrose go against statewide data, which shows a slight drop in foreclosure petitions, and a dramatic drop in completed foreclosures.

November had the fewest recorded foreclosure petitions statewide 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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