Foreclosures in Somerville Down Compared to 2010
Through the first half of 2011, foreclosures are down in Somerville as compared to 2010. But foreclosure proceedings, once initiated, appear more likely to result in actual foreclosures.
Home foreclosures were down in Somerville during the first six months of 2011 when compared to the same time period in 2010.
By the end of June, there had been 17 completed home foreclosures in Somerville this year. That compares to 29 during that same time period in 2010, a 41 percent decline, according to figures from The Warren Group, a real estate information company.
As a point of comparison, Cambridge had 13 foreclosures during the first six months of 2011 (20 in 2010), Arlington had 3 (3 in 2010) and Medford had 19 (16 in 2011). The population of Somerville is about 75,000, whereas Cambridge has a population of approximately 105,000; Arlington's is about 42,000, and Medford's is about 56,000.
Foreclosure petitions, which mark the first step in the foreclosure process, were also down in Somerville during the first half of 2011. There were 21 foreclosure petitions through June this year, compared to 66 in 2010, a 68 percent decline.
What some might argue is a positive indicator—fewer foreclosures—may come with disheartening news for individuals and families living with the threat of foreclosure: It appears that foreclosure proceedings, once initiated, are more likely to result in actual foreclosures than they were in 2010.
Completed foreclosures were roughly 80 percent of foreclosure petitions during the first half of 2011. In 2010, completed foreclosures were about 44 percent of foreclosure petitions.
Across the commonwealth, the numbers were also down during the first half of 2011, according to The Warren Group's figures. There were 3754 completed foreclosures in Massachusetts during the first six months of 2011, compared to 7433 in 2010.
However, foreclosures were up in June compared to May. Massachusetts saw 931 foreclosures in June, 2011, compared to 569 in May, 2011.
"It seems more foreclosures are being pushed through the pipeline," said Timothy M. Warren, CEO of The Warren Group, in an announcement about the recent figures.