Latest Foreclosure Report Has Mixed Results For Tewksbury
While foreclosure petitions have increased, actual foreclosure auctions have dropped.
While a recent wave of home sales in Tewksbury has served to indicate a positive trend for the local real estate market, the latest Warren Group Foreclosure Report had mixed results locally.
There were four foreclosure petitions filed on Tewksbury properties, bringing the total for 2012 to 50. There were also four petitions filed in July 2011 but as of July 31, the yearly total was just 33.
The news is better for foreclosure auctions. There was just one foreclosure auction in Tewksbury in July, bringing the total for 2012 to 31. A year ago, there were five foreclosure auctions in July, bringing the 2011 total to 36.
There have been 13 foreclosure deeds filed in 2012, as of July 31. That's down from 18 at the same point last year.
Statewide, the news was excellent. A total of 1,198 foreclosures were initiated in Massachusetts in July - the lowest monthly level recorded so far this year, according to The Warren Group, publisher of Banker & Tradesman.
Year-over-year petitions were down almost 17 percent in July, dropping from 1,441 petitions in July 2011. This is the fewest number of starts recorded in any month this year, beating January's low of 1,333. Still, foreclosures are up 55 percent from a year ago. A total of 10,623 foreclosure petitions have been initiated so far this year, up from 6,856 petitions filed during the same period last year.
"It appears there is a downward trend in foreclosure activity," said The Warren Group CEO Timothy M. Warren Jr. "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."
Foreclosure deeds also dropped to 648 in July, a 17 percent decrease from 782 in July 2011. This also marks the fewest number of completed foreclosures for any month this year. It is the slowest month since May 2011 when there were 571 foreclosure deeds. A total of 5,409 foreclosure deeds have been filed so far this year, an 18.5 percent increase compared to 4,564 deeds recorded during the same period last year.
"Foreclosure activity has been fluctuating for the past year or so - slowing after several banks delayed and examined their own proceedings, and then ramping back up," Warren said. "It appears we're seeing a clearer picture now - less starts and deeds which means homeowners are making payments and working out defaults through short sales and loan modifications."
The number of auction announcements tracked by The Warren Group also decreased in July. Auction announcements declined 14 percent to 1,135 from 1,319 in July 2011. From January through July, 9,267 auctions have been announced, an 8 percent decline from 10,107 auctions during the same period in 2011.