First Quarter Saw Increase in Foreclosures in Somerville

Most of the foreclosures were completed in March. It's worth noting the number of foreclosures in Somerville is relatively small.

Somerville saw 5 completed foreclosures during March, which brought the total number of foreclosures during the first quarter of 2012 to 8, according to figures from The Warren Group, publisher of Banker & Tradesman.

By comparison, there were 6 foreclosures in the first quarter of 2011 and only 1 foreclosure in March of that year.

These numbers reflect what was happening statewide, according to The Warren Group. Across Massachusetts, there were 2254 foreclosures in the first three months of 2012, compared to 1677 in the first quarter of 2011.

When it comes to foreclosure petitions—which mark the beginning of the foreclosure process—Somerville saw 12 in the first quarter, compared to 8 in the first quarter of 2011.

Statewide there was a larger increase in foreclosure petitions—4348 in January, February and March of 2012, compared to 2535 during that period of 2011.

During the month of March, there were 2 foreclosure petitions in Somerville, compared to 3 in March, 2011.

How Somerville compares

Foreclosure numbers in Somerville and in much of the surrounding region are relatively average to low.

Medford saw 15 completed foreclosures in the first quarter, compared to 7 during the same period of 2012. Malden saws 25 (12 in 2011).

Cambridge had 4 foreclosures in the first quarter of 2012 (9 in that period of 2011). Arlington also had 3 completed foreclosures (0 in 2011).

Other parts of the state have suffered more from foreclosures.

Lawrence had 5 completed foreclosures in the first quarter of 2012, compared to 16 in 2011. However, there were 53 foreclosure petitions through March.

Fall River had 43 foreclosures in the first quarter (23 in 2011) Brockton had 84 (65 in 2011).

richardstaggart May 02, 2012 at 09:34 AM
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