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Foreclosures Down Significantly in Westford Compared to Last Year

Foreclosure activity is down in Westford and the rest of the state and mortgage rates are lower compared to some towns closer to Boston as well.

 

Foreclosure activity in April in Massachusetts was significantly lower than a year ago, and Westford was no exception to that trend.

According to the Warren Group, Westford had no foreclosure petitions in April, only one foreclosure auction and only one completed foreclosure deed, the final step in the foreclosure process. 

And so far this year, the petitions, auctions and deeds are down 85 percent, 57 percent and 50 percent respectively here in Westford compared to the first four months of 2012.

Statewide, the number of foreclosure petitions dropped almost 79 percent year-over-year to 370 from 1,750 in April 2012. This is up from March, when 284 petitions were filed statewide, but well below levels in months past that came in around 1,000 or higher.

Through April of this year, 2,450 petitions to foreclose have been filed statewide, down almost 60 percent from 6,098 during the same period in 2012.

"We're seeing foreclosure starts consistently under the 1,000 mark for six straight months and fewer than 500 for two straight months," said Timothy M. Warren Jr., CEO of The Warren Group. "The real estate market has improved dramatically in 2013 with median prices up 11 percent and this has slowed foreclosures,"

Statewide, foreclosure deeds declined more than 68 percent to 234 in April from 750 in April 2012 and there were 348 auction announcements in April, down more than 75 percent from 1,403 a year ago.

In other real estate news, according to Mortgageauction.com, Westford's average mortgage rate in May 2013 was $332,500.

That number was comparable to other nearby towns such as Chelmsford ($357,900), but far lower than some towns closer to the city such as Belmont ($1,050,000) and Wellesley ($1,499,000).

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