Melrose Massachusetts Foreclosures Rise More Than 100%
In October for the first time this year, Massachusetts foreclosure rates are down compared to last year, but in Melrose the number of completed foreclosures year-to-date are much higher than last year, according the latest figures from The Warren Group.
While the 557 completed foreclosures statewide last month was down 39 percent from the 914 foreclosures in October last year, a total of 11,334 foreclosure deeds have been completed this year, up 47 percent from the same period last year.
In Melrose, there were two completed foreclosures last month, one more than in October 2009, but the more significant increase is the 24 completed foreclosures in Melrose so far this year, compared to nine in the same period last year. That’s a 166 percent increase.
Completed foreclosures statewide already outnumber the amount recorded in the Bay State in 2009 and could outpace the record number in 2008. There were 12,430 and 9,269 foreclosure deeds in all of 2008 and 2009, respectively.
In a press release, Timothy M. Warren Jr., CEO of The Warren Group, said that recent decreases in foreclosures compared to last year are “welcoming,” but that the state “should not be fooled into thinking” that foreclosure problems are a thing of the past.
“Due to job and economic conditions, many homeowners are delinquent on their mortgages and those problems will eventually find their way into foreclosure statistics,” Warren said.
Foreclosure petitions in Massachusetts, the first step in the foreclosure process, dropped statewide to 1,127 in October, a near 51 percent decrease from 2,296 in October 2009. Melrose saw a similar percentage drop in foreclosure petitions, from seven in October 2009 to three last month, a 57 percent drop.
So far this year in Massachusetts, a total of 22,091 foreclosure petitions have been filed, compared to 23,931 for the same period last year. In Melrose, lenders have initiated 50 foreclosure processes so far this year, just about a 4 percent decline from the 50 foreclosure petitions filed in 2009 year-to-date.
However, Warren said that recent temporary freezes in foreclosure filings by banks may be the cause for the decline.
“It’s possible that this decline in foreclosure starts was influenced by the example set by Bank of America when they temporarily suspended foreclosure activity,” he said. “Lenders may have waited to file petitions while rechecking their procedures and paperwork. As a result, we are likely to see a decrease over the next few months because of these delays.”
October marked the highest number of auction announcements tracked by The Warren Group so far this year. Auction announcements jumped more than 26 percent to 3,292 from 2,603 in October 2009 and were also 43 percent higher than the 2,301 auction announcements tracked in September.
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