Melrose Foreclosure Activity Down in November

While completed foreclosures in Massachusetts declined again in November, foreclosure activity in Melrose was down in November compared to 2011, according to a Warren Group press statement.

There was one foreclosure deed, which represent completed foreclosures, recorded in Melrose during November, while there was one in November 2011. Statewide, 295 foreclosure deeds were recorded in November, a near 60 percent decrease from 731 deeds in the same month during 2011 and marking the sixth straight month of year-over-year declines. 

Year-to-date foreclosure deeds have increased in Melrose, with 16 recorded through the first 11 months of 2012, compared to 12 during the same time period the year before. Foreclosure deeds are down 8 percent year-to-date across Massachusetts.

There were two foreclosure petitions, which marks the start of the foreclosure process, filed against a Melrose property in November, while there were five filed in November 2011. Statewide, lenders filed 983 petitions to foreclose, a 3 percent decline from 1,015 a year earlier and the lowest level so far this year.

"It’s been quite a positive year for the local housing market," Timothy M. Warren Jr., CEO of The Warren Group, said in a press statement. "We’re beginning to see a brighter picture—with less foreclosures and more home sales. An improving employment picture combined with government-backed programs are leading to fewer mortgage delinquencies."

Year-to-date foreclosure petitions are up nearly 88 percent in Melrose, with 45 filed so far in 2012 compared to 24 filed during the same time period last year. Statewide, 16,317 foreclosure petitions have been filed so far this year, up 40 percent from 11,625 during the same period in 2011.

Lastly, there was one foreclosure auction announced in Melrose during November, whereas five were filed in the same month a year earlier, while statewide auction announcements dropped nearly 72 percent year-over-year.

Through November 2012, there have been 38 auction announcements in Melrose, while there were 44 announced in January through November of 2011. Statewide year-to-date auction announcements are down 20 percent.

[Editor's note: Information from a Warren Group press statement was used in this report.]