Somerville foreclosures down sharply from 2010
Foreclosures in Somerville have declined by more than half so far this year from 2010, according to new housing data.
While lenders initiated 118 foreclosures in the first 11 months last year, only 56 were filed through November of this year, according to the Warren Group, which tracks housing data statewide.
Auctions of foreclosed homes also dipped sharply, from 223 last year to 115 so far this year.
To see town by town foreclosure stats, click here.
Deeds of foreclosed homes in Somerville, the measurement of a completed foreclosure, also dropped, from 54 last year to 36 in 2011.
Statewide, deeds of foreclosed homes increased in November, up to 714, from 418 in the same month last year, indicating 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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