The overall foreclosure numbers for the commonwealth improved in August to the lowest level of the year so far, while there has been good news and bad news in Lexington.
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, there there was one foreclosure petition and one foreclosure deed in Lexington in August of this year, compared to none in either category in August 2011. There were four foreclosure auctions in August of this year and last.
Meanwhile, the number of YTD foreclosure petitions has increased from eight in 2011 to 13 this year, while foreclosure auctions have dropped slightly from 17 in 2011 to 16 so far this year. And foreclosure deeds, which grants ownership of property to the purchaser at a foreclosure sale, have increased from four to five YTD in Lexington, according to the Warren Group's figures.
"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."
Source: The Warren Group, publisher of Banker & Tradesman.