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Home Foreclosures Down Significantly from Last Year in Woburn

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

Foreclosures in February 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.

Foreclosure petitions - the first step in the foreclosure process in Massachusetts - dropped more than 38 percent in February, the report states. There were 856 petitions, down from 1,394 in February 2012. So far this year, there were 1,796 petitions filed, down 34 percent from 2,727 during the same period last year.

"Seeing four consecutive months of petitions below 1,000 is a promising sign," said Timothy M. Warren Jr., CEO of The Warren Group. "The improved jobs picture and lenders' willingness to do short sales and loan modifications are helping to fuel the decrease. Hopefully this continues and improves consumer confidence as well."

Woburn had two foreclosure petitions in February, down from nine during February 2012. This represents a 77.78 percent drop in foreclosure rates. Woburn also had zero foreclosure auctions this past February, down from two the year before.

Woburn's foreclosure rates follows what is happening statewide. According to the Warren Group there were 240 foreclosure deeds filed statewide, down from 767 in February, 2012. Also, year-to-date foreclosure deeds are down 66 percent. A total of 532 deeds have been filed so far this year, compared to 1,566 during the same period in 2012.

Middlesex County as a whole also saw a drop in foreclosures in February as compared to February, 2012. The county had 115 foreclosure petitions, a 45.25 percent drop from the 210 in February of last year.

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