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Somerville foreclosures drop in November

Posted by Jarret Bencks  January 2, 2013 12:50 PM

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Foreclosure actions dropped in Somerville in November, in line with statewide trends, according to recently released real estate data.

Three foreclosure petitions were filed by banks on Somerville properties in November, down from eight in the same month in 2011, according to The Warren Group, which tracks real estate data statewide. Year-to-date, foreclosure petitions were down slightly in Somerville, from 56 to 54.

Foreclosure deeds, the final step in selling a foreclosed property, fell from six in November 2011 to two last November, according to the data. Foreclosure deeds were down more than 40 percent year-to-date, from 36 to 21.

For town-by-town stats, click here.

November had the fewest recorded foreclosure petitions 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.

"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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