THIS STORY HAS BEEN FORMATTED FOR EASY PRINTING
< Back to front page Text size +

Somerville foreclosures slowing in 2012, August data shows

Posted by Matt Byrne  October 3, 2012 11:08 AM

E-mail this article

Invalid E-mail address
Invalid E-mail address

Sending your article

One fewer home was foreclosed on in Somerville in August -- for a total of eight -- than in the same month last year, new data released this week shows.

But the year-to-date figures, accounting for the first eight months of 2012, are more encouraging: 59 homes were auctioned, 25 fewer than last year, and five fewer foreclosure deeds were completed, for a total of 18, according to The Warren Group, which tracks real estate data throughout the state.

The eight-month total of foreclosure petitions for Somerville rose slightly, from 39 through August 2011 to 41 this year.

For town-by-town stats, click here.

Statewide in August, fewer foreclosures were recorded than in any other month so far this year.

Lenders completed 566 foreclosures in Massachusetts, the third consecutive month that the state's foreclosure rate fell when compared to the same months last year.

"Fewer foreclosures were completed in recent months, which may indicate a greater effort from lenders to find loan alternatives," said Banker & Tradesman Editor Cory S. Hopkins in a statement.

"As banks continue to return to more normal foreclosure procedures and the housing market follows the same path, we are likely to see more good news in coming months," Hopkins said.

Matt Byrne can be reached at mbyrne.globe@gmail.com.

E-mail this article

Invalid E-mail address
Invalid E-mail address

Sending your article