More Foreclosures Start in Melrose in February

Melrose had a year-over-year increase last month in foreclosure starts, mirroring a statewide jump in foreclosure activity during February, according to the latest figures from The Warren Group.

However, given the the slow pace of foreclosure activity a year ago and that last month's numbers compare favorably to years before 2011, The Warren Group CEO Timothy M. Warren Jr. said in a press release that the increase shouldn't be cause for alarm.

"The large year-over-year increase doesn't necessarily indicate another wave of foreclosures," Warren said in the release. "Foreclosure activity was nearly frozen a year ago and now they're beginning to thaw again."

Five foreclosure petitions, which represent foreclosure starts, were filed against Melrose properties last month, compared to one in February 2011. Year-to-date there have been six foreclosure petitions filed against Melrose properties, compared to three in the first two months of last year.

Statewide, foreclosure starts more than doubled year-over-year in February, rising to 1,394 from 694 during the same month last year. Year-to-date foreclosure petitions are up 83 percent to 2,727 from 1,487 during the first two months in 2011.

According to The Warren Group's release, foreclosure activity was significantly slower in 2011 due to several factors, including a lawsuit against lenders and a law that extended the right-to-cure period to 150 days.

Monthly foreclosure activity in February, according to The Warren Group, was also slower than in years past, with more than 2,000 foreclosure petitions filed in February 2010 and 2009 compared to the 1,394 last month. There were also  1,333 petitions filed statewide in January.

No Completed Melrose Foreclosures in February

Melrose didn't have any completed foreclosures last month, the same as in February 2011. There have been three foreclosure deeds, which represent completed foreclosures, filed against Melrose properties year-to-date, compared to one in the same time period last year.

Statewide, 736 foreclosure deeds were filed according to The Warren Group, up 41 percent from 521 in February 2011. Year-to-date foreclosure deeds increased 33 percent, with 1,398 deeds so far this year, compared to 1,050 during the same period last year.

There was one foreclosure auction announcement in Melrose last month, compared to three auction announcements in February 2011. Year-to-date, there have been seven auction announcements in the city, compared to four in the first two months of last year.

Statewide auction announcements increased nearly 48 percent, from 889 in February 2011 to 1,315 last month. Year-to-date announcements total 2,891, a 42 percent increase from 2,039 during the same period last year.

Information from a Warren Group press release was used in this report.