The overall foreclosure numbers for the commonwealth improved in August to the lowest level of the year so far, while the positive trend continued in Concord.
August was the third consecutive month of year-over-year foreclosure deed decreases in Massachusetts, as well as the fewest number of completed foreclosures in any month since February 2011. However, foreclosure deeds year over year have increased by 8.4 percent in the commonwealth, according to The Warren Group, publisher of Banker & Tradesman.
"Fewer foreclosures were completed in recent months, which may indicate a greater effort from lenders to find loan alternatives," said Banker & Tradesman Editor Cory S. Hopkins. "As banks continue to return to more normal foreclosure procedures and the housing market follows the same path, we are likely to see more good news in coming months."
Closer to home, there were no foreclosure petitions, auctions or deeds in Concord in August of this year, which is identical to last year in each category except deeds, where the number has dropped to 0 from 1 in 2011. Meanwhile, the number of YTD foreclosure auctions has decreased from 9 in 2011 to 7 this year, the Warren Group's figures say.
Foreclosure deeds, which grants ownership of property to the purchaser at a foreclosure sale, have decreased from 3 to 2 YTD in Concord, according to the Warren Group's figures.
"Foreclosure starts are close to exceeding the total amount in all of 2011 - a seemingly bad sign," Hopkins added. "However, we're comparing to a slow year when banks nearly halted their foreclosure proceedings. I don't think this is cause for much alarm, but something to keep an eye on as foreclosures petitions are often a leading indicator of activity to come."
Source: The Warren Group, publisher of Banker & Tradesman.