Melrose Foreclosure Numbers Drop, But Auction Notices Increase

Melrose saw a year-over-year drop in both started foreclosures and completed foreclosures in June, but an increase in auction notices, according to the latest figures from The Warren Group.

Meanwhile statewide foreclosure activity soared from a month earlier, yet were down from the high numbers recorded a year ago.

In June, there were two foreclosure deeds—which represent completed foreclosures—filed against Melrose properties, compared to six in June 2010. In the first six months of the year, four deeds have been filed against Melrose properties, down 75 percent from the 16 deeds filed in January-June 2010.

Statewide, foreclosure deeds rose 42 percent, from 569 in May to 931 in June, the highest number recorded since August 2010.

"After months of lenders slowing the foreclosure process, it seems more foreclosures are being pushed through the pipeline," Timothy M. Warren Jr., CEO of The Warren Group, said in a press release.

Year-over-year, however foreclosure deeds decreased more than 29 percent from 1,315 in June 2010. A total of 3,754 foreclosure deeds have been recorded in the first six months of the year, down almost 50 percent from 7,433 a year earlier.

Melrose foreclosure petitions, the first step in the process, also dropped in June compared to the same month last year—three petitions filed in June 2011, compared to five a year earlier. Year-to-date, foreclosure petitions are down almost 59 percent to 12 petitions, compared to 29 in 2010.

Foreclosure petitions statewide, like deeds, also spiked from the previous month, with 990 petitions filed in June, up from 699 in May. But foreclosure petitions dropped more than 55 percent year-over-year from 2,220 in June 2010. Through June of this year, 5,415 petitions to foreclose have been filed statewide, down nearly 60 percent from 13,338 during the same period in 2010.

"The steep decline in yearly foreclosure activity shows there are still a glut of foreclosed properties on banks' books," Warren said in the press release. "A housing market recovery won't be complete until these foreclosures work through the system."

Those foreclosures working through the system could be seen in the increase in advertised foreclosure auction notices in Melrose in June, with seven auction notices this year compared to two in June 2010. Year-to-date auction notice numbers are similar to last year: 26 so far in 2011, compared to 28 in 2010.

Statewide, the number of advertised auction notices dropped during the month of June. There were 2,114 auction announcements in June, a near 22 percent drop from 2,706 a year ago. Year-to-date auction notices decreased 48 percent to 8,697 from 16,680 last year.