Completed Tewksbury Foreclosures in 2012 Drop More Than Half Over 2011

The number of completed foreclosures in Tewksbury was cut by more than half in 2012 compared to the year before, according to the latest figures from The Warren Group.

While the town did see an increase in foreclosure petitions, the first step in the foreclosure process, Tewksbury had big drops in both filed foreclosure deeds—which represent complete foreclosures—and foreclosure auction announcements last year.

In 2012, 22 foreclosure deeds were filed on Tewksbury properties, a 52 percent drop from the 46 filed in 2011. Statewide, the number of completed foreclosures in Massachusetts dropped by almost 13 percent last year.

Foreclosure petitions did rise in Tewksbury last year, however not as dramatically as they did statewide. There were 71 foreclosure petitions filed against Tewksbury properties in 2012, a 16 percent increase from the 61 filed during 2011.

Statewide, 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.

"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 no foreclosure petitions filed in Tewksbury in December, compared to five 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.

Foreclosure auction announcements also dropped in Tewksbury and statewide in 2012 compared to the year before. In Tewksbury, there were 43 auction announcements, an almost 36 percent decrease from the 67 auction announcements 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.