More Somerville Foreclosures in Pipeline Through February
There have been twice as many initiated foreclosures in Somerville this year, but completed foreclosures are down.
Through February, there were fewer completed foreclosures—foreclosure deeds—in Somerville than during the first two months of 2011.
That said, the city could be in store for an increase in foreclosures this year as foreclosure petitions, which represent the initial stages of the foreclosure process, have risen.
Through February, there were 10 foreclosure petitions in Somerville this year, compared to five during the same time period last year.
Across the state, foreclosure deeds on the year were up to 1398 through February, as compared to 1050 last year, and foreclosure petitions were up to 2727, compared to 1487 last year.
A report in the Boston Herald said Martha Coakley, the Massachusetts attorney general, was urging the Federal Housing and Finance Agency to make more modifications in Fannie Mae and Freddie Mac loans to help provide relief to homeowners.
Last year, there were 38 completed foreclosures in Somerville and 58 foreclosure petitions. However, in 2010 those numbers were 56 and 119, respectively.