Stoneham Foreclosures Continue to Outpace Last Year

While statewide foreclosure activity somewhat abated in June, Stoneham foreclosure petitions increased compared to the same time period last year, according to the latest figures from The Warren Group.

There were two foreclosure petitions, which represent the first step in the foreclosure process, filed against Stoneham properties last month, the same number of petitions filed in June 2011.

Statewide foreclosure petitions fell to their lowest level so far this year, with  1,254 petitions recorded in June, a 29.5 percent decrease from May. Year-over-year foreclosure petitions, however, rose almost 27 percent in June, from 990 in June 2011.

The Warren Group CEO Timothy M. Warren Jr. called the drop in petitions from May to June "pretty significant" in a press statement.

"I believe that an improving economy, more jobs and an active real estate market are having an impact and giving us a moderating trend in foreclosures," Warren said in the statement.

In the first half of the year, Stoneham foreclosure petitions increased compared to the same time period last year, with 26 filed so far this year compared to 16 filed in January through June last year.

Statewide, 9,131 petitions to foreclose have been filed, up 68.6 percent from 5,415 during the same period in 2011.

Foreclosure deeds, which represent completed foreclosures, are the same year-over-year in June, with one filed last month and one in June 2011.

Meanwhile, statewide foreclosure deeds decreased almost 24 percent to 715 in June, down from 936 deeds in June 2011, the first time since September 2011 that deeds posted a year-over-year decrease, according to The Warren Group.

More Completed Foreclosures After Lenders' Settlement

Completed foreclosures in Stoneham so far this year are outpacing last year. There have been 10 deeds filed against Stoneham properties in the first half of the year, compared to seven filed in January through June last year.

Statewide, 4,450 foreclosure deeds have been recorded in the first six months of the year, up almost 18 percent from 3,782 a year earlier.

, foreclosures put on hold last year—before a $25 billion settlement in March between the nation's largest lenders and state's attorneys general—are now working their way through the system.

"Foreclosure numbers are beginning to become clearer," Warren said in the press release. "After such a slow year for foreclosures in 2011 that left many distressed properties in limbo, we are starting to see banks work their way through the backlog."

Foreclosure auction announcements in Stoneham remained the same year-over-year in June, with zero auctions June 2011 and this June. Statewide auction accouncements fell almost 50 percent to 1,109 from 2,205 a year ago.

Year-to-date auctions in Stoneham are up slightly, with two in the first half of the year compared to zero from January through June last year, and statewide auction announcements decreased 7 percent to 8,132 from 8,788 last year.

Information from a Warren Group press release was used in this report.