Foreclosures Remain Down in Somerville in 2011

Home foreclosures remain down in Somerville through September, continuing a months-long trend.

According to figures from the Warren Group, a real estate information company that publishes Banker & Tradesman, there were four completed home foreclosures in Somerville during September. That compares to seven during September of 2010.

Year to date in 2011, January through September, there were 27 completed foreclosures in Somerville, compared to 49 during the first nine months of 2010—a 45 percent decline.

Foreclosure petitions, which mark the first step in the foreclosure process, also remained down in September. Three foreclosures were initiated in September, 2011, as compared to 13 in September, 2010.

Year to date, through September, 42 foreclosures were initiated, compared to 104 during that same time period in 2010. That's nearly a 60 percent decline.

Across the state, foreclosures up in 3rd quarter

Across Massachusetts, foreclosures were also down on the year, as compared to 2010, but they were up in the third quarter of 2011 as compared to the first two quarters of 2011.

Through September, foreclosure petitions across the state were down 55 percent in 2011. Lenders initiated 9417 foreclosures in the first nine months of 2011, as compared to 20,964 during the same period in 2010.

In the month of September alone, 1164 foreclosures were initiated, compared to 2358 in September, 2010—a 51 percent decline.

In a statement, Timothy M. Warren Jr., CEO of The Warren Group, said that despite the overall declining numbers, "We did see a higher level [of foreclosure activity] in the third quarter than we saw in earlier quarters this year."

His statement said 4002 foreclosure petitions were initiated across Massachusetts in the third quarter of 2011, compared to 2535 and 2880 during the first and second quarters, respectively.

"This indicates banks are moving more aggressively against barrowers who have fallen behind on their mortgage payments," he said in the statement. "In order for the market to recover, the glut of foreclosures hanging over the market needs to go through the system."

How does Somerville compare?

• Cambridge, with a population of about 105,000, had 18 foreclosures in 2011, through September, as compared to 24 in 2010, a 25 percent decline. The city had no foreclosures at all in September, 2011.
• Medford (population about 56,000) had 30 foreclosures, through September 2011, compared to 35 in 2010, down nearly 17 percent.
• Arlington (population about 42,000) had 5 foreclosures through September this year, down from 7 during the same time period last year.
• Charlestown (population about 16,400), has seen six foreclosures in 2011, through September, as compared to 10 in 2010.
• Lawrence, which is roughly the same size as Somerville, with a population of about 76,000, had 18 foreclosures, through September 2011, compared to a whopping 219 in the first nine months of 2010. That's nearly a 92 percent decline.

Somerville's population is about 75,000.