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Somerville foreclosure activity slows in July

Posted by Matt Byrne  September 19, 2012 09:50 AM

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Foreclosure activity in Somerville slowed in July, new housing data shows.

Lenders petitioned to foreclose on only three homes, down from nine in July 2011, according to The Warren Group, which tracks real estate transactions throughout the state.

For the year, auctions of foreclosed homes also declined, down from 76 through the first seven months of 2011, to 54 in the same period this year.

Deeds of foreclosed homes, the mark of a completed foreclosure process, also slid, from 21 through July 2011, to 17 in 2012.

For town-by-town stats, click here.

Statewide, lenders filed 1,198 petitions for foreclosure, the lowest monthly level recorded so far this year.

"It appears there is a downward trend in foreclosure activity," said The Warren Group CEO Timothy M. Warren Jr. in a statement. "A strong economy and recovering housing market is helping lift consumer confidence. This news paired with banks' return to standard foreclosure processes is also helping."

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