Real Estate
Completed Stoneham Foreclosures Climb in 2012
While the number of completed foreclosures in Massachusetts dropped by almost 13 percent in 2012 compared to the year before, Stoneham's completed foreclosures rose slightly.
Stoneham bucked the statewide trend of fewer completed foreclosures in 2012 compared to the previous year, with a slight increase in completed foreclosures compared to 2011, according to the latest figures from The Warren Group.
While the town also saw an increase in foreclosure petitions, the first step in the foreclosure process, Massachusetts similarly saw a rise in foreclosure petitions in 2012 as that activity picked up after a slower 2011. The town saw no year-over-year change in foreclosure auction announcements last year.
In 2012, 17 foreclosure deeds were filed on Stoneham properties, two more than the 15 filed in 2011, which equates to a 13 percent increase. Statewide, the number of completed foreclosures in Massachusetts dropped by almost 13 percent last year.
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While statewide foreclosure petitions rose last year, they did so more dramatically in Stoneham. There were 51 foreclosure petitions filed against Stoneham properties in 2012, a 64.5 percent increase from the 31 filed during 2011.
Across Massachusetts, the number of foreclosure petitions rose more than 35 percent, but in a press release, The Warren Group said that throughout much of 2011, petition levels were dramatically decreased as lenders slowed foreclosure processes.
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"Foreclosure activity nationwide is declining, and Massachusetts is following the same path," Timothy M. Warren Jr., CEO of The Warren Group, said in the press release. "Deeds were down for the year, petitions declined for the past two months and I think that will continue."
There were two foreclosure petitions filed in Stoneham in December, the same number filed in December 2011, while statewide foreclosure petitions dropped 17 percent year-over-year in December, with the fewest number of foreclosure petitions recorded since May 2011, according to The Warren Group.
Stoneham's foreclosure auction announcements stayed the same, with three announcements last year, the same as in 2011. Statewide, auction announcements dropped 24 percent in 2012 compared to the year before.
Information from a Warren Group press release was used in this report.
