The overall foreclosure numbers for the Commonwealth improved in August to the lowest level of the year so far but those figures remain unchanged in Foxborough.
August was the third consecutive month of year-over-year foreclosure deed decreases in Massachusetts, as well as the fewest number of completed foreclosures in any month since February 2011. However, foreclosure deeds year over year have increased by 8.4 percent in the Commonwealth, according to The Warren Group, publisher of Banker & Tradesman.
"Fewer foreclosures were completed in recent months, which may indicate a greater effort from lenders to find loan alternatives," said Banker & Tradesman Editor Cory S. Hopkins. "As banks continue to return to more normal foreclosure procedures and the housing market follows the same path, we are likely to see more good news in coming months."
Closer to home, foreclosure petitions remained the same in Foxborough in August compared to a year ago while year to date has seen an increase of 62.5 percent. Additionally, foreclosure auctions remained at zero in August compared to a year ago but year to date auctions have increased by eight.
Foreclosure deeds, which grants ownership of property to the purchaser at a foreclosure sale, also remained unchanged in Foxborough in August. While there were no foreclosure deeds in August 2012 – the same figure as August 2011 – deeds have increased by 540 percent since last year, increasing from five in 2011 to 32 so far in 2012.
"Foreclosure starts are close to exceeding the total amount in all of 2011 - a seemingly bad sign," Hopkins added. "However, we're comparing to a slow year when banks nearly halted their foreclosure proceedings. I don't think this is cause for much alarm, but something to keep an eye on as foreclosures petitions are often a leading indicator of activity to come."
Aug. '11 Aug. '12 YTD 2011 YTD 2012
Foreclosure petitions 6 6 16 26
Foreclosure auctions 0 0 0 8
Foreclosure deeds 0 0 5 32
Source: The Warren Group, publisher of Banker & Tradesman.