Somerville Foreclosure Activity Remained Steady in January
Meanwhile, foreclosure rates across the state dropped.
As home foreclosure rates dropped across the state, according to The Warren Group, publisher of Banker & Tradesman, foreclosure activity in Somerville actually increased in January as compared to January of 2012.
But we're talking about small numbers.
According to the business and real estate research firm, there were two completed foreclosures—called foreclosure deeds—in Somerville in January, compared to none the previous January.
When it comes to foreclosure petitions, which mark the first step in the foreclosure process, there were six this January compared to five in January of 2012.
Throughout 2012, there were 22 completed foreclosures in Somerville—a rate of about 1.8 per month. That was down 42 percent from 2011, which saw 38 completed foreclosures.
Across Massachusetts, foreclosure deeds dropped 63 percent from Januray of 2012 and foreclosure petitions dropped almost 30 percent, according to The Warren Group.