Thursday, March 22, 2012
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. These figures come from the The Warren Group, publisher of Banker & Tradesman. 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 …
Thursday, February 2, 2012
The drop in foreclosures mirrored a state trend, but the housing market in Massachusetts isn't out of the woods yet.
According to figures provided by The Warren Group, publisher of Banker & Tradesman, there were 38 completed foreclosures in Somerville last year. That compares to 56 completed foreclosures in 2010—a 32 percent drop. Foreclosure petitions, which represent the beginning of the foreclosure process, were also down in Somerville. In 2011, 58 foreclosures were initiated, compared to 119 in 2010. That's a 51 percent drop. These figures mirror foreclosure trends across the state. Completed foreclosures dropped by about 30 percent across Massachusetts in 2011 as compared to 2010. Similarly, foreclosure petitions dropped 47 percent. In a written statement, Timothy M. Warren, Jr., CEO of The Warren Group, cautioned these numbers don't mean the …
Thursday, January 12, 2012
On the year, through November of 2011, both home sales and foreclosures were down in Somerville.
Somerville home sales were up slightly in November, which is the latest month for which figures are available. According to numbers from the Warren Group, which publishes Banker & Tradesman, 25 condos and single-family homes sold in Somerville in November of 2011, compared to 24 in November of 2010. More accurately, 25 condos sold in November of 2011; no single-family homes were sold. In November, 2010, 4 single-family homes and 20 condos sold. It should be noted that The Warren Group's figures don't include sales of two-family or three-family homes, which, are an important part of the Somerville real estate market. Together, two- and three-family homes represent about 51 percent of Somerville's housing stock, based on figures from a …
Tuesday, October 25, 2011
While foreclosure activity remained low this year, compared to 2010, across the state it increased in the third quarter.
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 …
