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Completed Foreclosures Drop in Braintree in August

Foreclosure petitions decrease by 55 percent in August when compared to August 2011.

The overall foreclosure numbers for the commonwealth improved in August to the lowest level of the year so far and there was also some good news for Braintree.

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, foreclosure petitions decreased by 55% in Braintree in August compared to a year ago and year to date has seen an increase of 66%. However, foreclosure auctions increased by 150% in August compared to a year ago but so far this year have been up only slightly overall.

"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."

Braintree numbers

Aug. '11 Aug. '12 YTD 2011 YTD 2012 Foreclosure petitions 11 5 29 48 Foreclosure auctions 2 5 49 51 Foreclosure deeds 0 1 13 19

Source: The Warren Group, publisher of Banker & Tradesman. 

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