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Home Foreclosures Down from Last Year in Woburn

Woburn foreclosure rates are following the state-wide trend of dropping.

Foreclosures in January in Woburn were down compared to that month last year, according to new data released this week.

The trends in Woburn shadow state-wide data, which also shows a drop from around this time last year, according to the Warren Group, a real estate industry publishing company.

"The number of foreclosure petitions statewide dropped almost 30 percent - declining to 940 from 1,333 in January 2012. Petitions, which mark the first step in the foreclosure process in Massachusetts, have dropped for three consecutive months," the Warren Group states. "Petitions rose in all but three months in 2012."

Woburn had five foreclosure petitions in January, down from eight during January 2012. This is a 37.5 percent drop in foreclosure rates. Woburn also had zero foreclosure auctions this past January, down from six the year before.

Woburn's foreclosure rates follows what is happening statewide. According to the Warren Group, in January, there were 292 foreclosure deeds filed statewide, a 63 percent decrease from 799 deeds recorded in January 2012. Foreclosure deeds represent completed foreclosures.

"We're finally seeing a clear picture of the trend in foreclosures - and it is good news," said Timothy M. Warren Jr., CEO of The Warren Group. "The housing market has greatly improved - a sign that the economy is gaining ground and foreclosures will continue to subside."

Middlesex County as a whole also saw a drop in foreclosures in January as compared to January, 2012. The county had 121 foreclosure petitions, a 32.02 percent drop from the 178 in January of last year.

 

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