Melrose Foreclosure Activity Decreases in January
Massachusetts foreclosures decreased in January, posting double-digit decreases in both starts and completed foreclosures, according to the latest data from The Warren Group, publisher of Banker & Tradesman.
Completed foreclosures in Melrose and Massachusetts decreased in January, according to a Warren Group press statement.
There were no foreclosure deeds, which represent completed foreclosures, recorded in Melrose during January, while there were three in January 2012. In January, there were 292 foreclosure deeds filed statewide, a 63 percent decrease from 799 deeds recorded in January 2012, reads the statement.
There were three foreclosure petitions, which marks the start of the foreclosure process, filed against a Melrose property in January, while there was one filed in January 2012. Statewide foreclosure petitions declined nearly 30 percent - dropping to 940 from 1,333 in January 2012, according to the statement.
"We're finally seeing a clear picture of the trend in foreclosures - and it is good news," said Timothy M. Warren Jr., CEO of The Warren Group, in the statement. "The housing market has greatly improved - a sign that the economy is gaining ground and foreclosures will continue to subside."
There were four foreclosure auctions announced in Melrose in January, with six filed in the same month a year earlier. A total of 314 auction announcements statewide were recorded in January, an 80 percent decrease from 1,576 during the same month the previous year, according to the statement.
[Editor's note: Information from a Warren Group press statement was used in this report.]