Melrose Foreclosures Continue Decline in 2011

Melrose continues to see a decline in foreclosure activity in 2011, according to the latest figures from The Warren Group, matching a statewide decline from a tough 2010.

In September, there was one foreclosure petition—the first step in the foreclosure process—filed against a Melrose property, compared to three in the same month last year. Year-to-date, there have been 17 foreclosure petitions filed against Melrose properties, compared to 47 through the same time period in 2010—a decrease of almost 64 percent.

Across Massachusetts, there were 1,164 foreclosure petitions filed in September, an almost 51 percent decline from 2,358 filed in September 2010. A total of 9,417 foreclosure petitions have been initiated so far this year, down 55 percent from 20,964 petitions filed the same period last year.

Despite the year-over-year decline, according to The Warren Group this is the third consecutive month petitions have exceeded 1,000 and the fifth month so far this year. In a press release, Warren Group CEO Timothy Warren, Jr. noted that while year-over-year foreclosure activity dropped in Massachusetts, the state did see a higher level of activity in the third quarter as compared to the previous two quarters.

"This indicates banks are moving more aggressively against borrowers who have fallen behind on their mortgage payments," Warren said in the release. "In order for the market to recover, the glut of foreclosures hanging over the market needs to go through the system."

Completed foreclosures

Completed foreclosures in Melrose didn't change in September compared to the same month last year. There was one foreclosure deed, which represents a completed foreclosure, filed against a Melrose property in September this year, the same as in September 2010. That deed was filed against a home at 10 Windsor St., according to the Middlesex Registry of Deeds.

However, there are far fewer completed foreclosures in melrose so far in 2011 compared to 2010 year-to-date—nine this year, compared to 22 last year, a decrease of 59 percent.

Statewide, a total of 737 foreclosure deeds were recorded in September, a 17 percent drop from 890 during the same month a year ago, according to The Warren Group. A total of 6,204 foreclosure deeds have been filed so far this year, a 42 percent decrease compared to 10,777 deeds recorded during the same period last year.

Advertised auctions

Advertised foreclosure auction notices also declined, although not as dramatically. In September there were five advertised auctions compared to eight in the same month last year, and year-to-date, there have been 38 in Melrose compared to 44 through September last year.

Across Massachusetts, auction announcements declined 33 percent to 1,545 from 2,301 in September 2010. From January through September, 12,918 auctions have been announced, a 43 percent decline from 22,757 auctions during the same period in 2010.