Posted by Jarret Bencks January 28, 2013 02:32 PM
Foreclosure petitions, the first action taken by a bank in the foreclosure process, dropped over 90 percent in 2012 in Melrose compared to 2011, according to recently released real estate data.
A total of 26 foreclosure petitions were filed in Melrose in 2012, compared to 50 in 2011, according to data from real estate publisher The Warren Group. However, December saw a jump in such action in Melrose, with five petitions being filed, up from two in December 2011.
Completed foreclosure rose nearly 15 percent in Melrose from 2011 to 2012, from 12 to 17, according to the state. Statewide trends were the opposite, with foreclosure petitions rising 35 percent in Massachusetts, from 12,634 to 17,152, and foreclosure completions falling 13 percent, from 8,531 to 7,424.
In a written statement, Timothy M. Warren Jr., CEO of The Warren Group, said he believed there will be reduced foreclosure activity in 2013.
"Foreclosure activity nationwide is declining, and Massachusetts is following the same path," he said. "Deeds were down for the year, petitions declined for the past two months and I think that will continue."