Completed Foreclosures Drop in Westford in August
Foreclosure petitions decrease by significantly in August when compared to August 2011.
The overall foreclosure numbers for the commonwealth improved in August to the lowest level of the year so far, and the amount of foreclosures being completed in Westford has been dropping as well.
August was the third consecutive month of year-over-year foreclosure deed decreases in Massachusetts, as well as the fewest number of completed foreclosures in any month since February 2011. However, foreclosure deeds year over year have increased by 8.4 percent in the commonwealth, according to The Warren Group, publisher of Banker & Tradesman.
"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. "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."
Closer to home, foreclosure petitions increased by 100 percent in Westford in August compared to a year ago and year to date has seen an increase of 60 percent.
However, while foreclosure auctions doubled from in August compared to a year ago, in total 2012 has seen 13 percent decrease in auctions from 2011.
Foreclosure deeds, which grants ownership of property to the purchaser at a foreclosure sale, took a huge drop in Westford in August, with no foreclosure deeds in August 2012 compared to five last year.
"Foreclosure starts are close to exceeding the total amount in all of 2011 - a seemingly bad sign," Hopkins added. "However, we're comparing to a slow year when banks nearly halted their foreclosure proceedings. I don't think this is cause for much alarm, but something to keep an eye on as foreclosures petitions are often a leading indicator of activity to come."
|Aug. '11||Aug. '12||YTD 2011||YTD 2012|
Source: The Warren Group, publisher of Banker & Tradesman.