Stoneham Foreclosure Activity Drops in January - in Stoneham Patch

After a year that saw more completed foreclosures in Stoneham than the year before, despite an overall drop statewide, the town is off to a better start in 2013.

Stoneham had very little foreclosure activity in January compared to the same month a year prior, as Massachusetts saw double digit decreases in both starts and completed foreclosures,?according to the latest report from The Warren Group, publisher of Banker & Tradesman.

In January, there was one foreclosure petition?the start of the foreclosure process?filed against a Stoneham property, compared to four filed in January 2012.

Statewide, foreclosure petitions dropped almost 30 percent year-over-year and have dropped for three consecutive months, according to The Warren Group, after a 2012 that saw petitions rise in all but three months..?

According to a press release from The Warren Group, foreclosure activity was slow throughout much of 2011 as banks worked through legal and documentation issues, causing levels to appear inflated in 2012. In two months in 2012, petitions doubled from the prior year.

"We're finally seeing a clear picture of the trend in foreclosures?and it is good news," said Timothy M. Warren Jr., CEO of The Warren Group, in the press release. "The housing market has greatly improved?a sign that the economy is gaining ground and foreclosures will continue to subside."

There were no foreclosure deeds?which represent completed foreclosures?filed against Stoneham properties during January, compared to four in January 2012. Statewide, foreclosure deeds dropped 63 percent year-over-year.

There were also no foreclosure auction announcements in Stoneham during January, the same as a year prior. Statewide auction announcements dropped 80 percent year-over-year.

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

Source: http://stoneham.patch.com/articles/stoneham-foreclosure-activity-drops-in-january

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