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Somerville Foreclosures Slightly Down in First Half of 2012

When compared to the first half of 2010, the decrease in foreclosures has been steep.

Somerville saw 15 completed foreclosures in the first six months of 2012, according to figures provided by The Warren Group, publisher of Banker & Tradesman.

That's down from the 17 completed foreclosures seen in the first half of 2011.

The decline in foreclosures was steep compared to 2010, in the first six months of the year. Compared to that year, foreclosures this year are down 48 percent.

However, when it comes to foreclosure petitions, which mark the beginning of the foreclosure process, the numbers were up in the first half of 2012 compared to 2011. There were 26 foreclosure petitions through June in 2012 and 21 through June in 2011, a 23 percent increase.

Still, there were 66 foreclosure petitions in the first six months of 2010, so petitions are down 60 percent compared to that year.

Statewide

Across Massachusetts, according to The Warren Group, there was an increase in completed foreclosures in the first six months of the year, with 4450 completed foreclosures in 2012 compared to 3782 during the same period in 2011—an 18 percent increase.

There were 7433 completed foreclosures in the first six months of 2010.

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