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Home Foreclosures in Somerville Dropped in 2011

The drop in foreclosures mirrored a state trend, but the housing market in Massachusetts isn't out of the woods yet.

Home Foreclosures in Somerville Dropped in 2011

According to figures provided by The  Warren Group, publisher of  Banker & Tradesman, there were 38 completed foreclosures in Somerville last year.

That compares to 56 completed foreclosures in 2010—a 32 percent drop.

Foreclosure petitions, which represent the beginning of the foreclosure process, were also down in Somerville. In 2011, 58 foreclosures were initiated, compared to 119 in 2010. That's a 51 percent drop.

These figures mirror foreclosure trends across the state. Completed foreclosures dropped by about 30 percent across Massachusetts in 2011 as compared to 2010. Similarly, foreclosure petitions dropped 47 percent.

In a written statement, Timothy M. Warren, Jr., CEO of The Warren Group, cautioned these numbers don't mean the housing market is out of the woods yet. "It's no secret that low numbers are indicative of lenders slowing foreclosure processes throughout much of the year," he said.

According to The Warren Group, December 2011 saw a 38 percent increase in foreclosure petitions across Massachusetts as compared to December of 2010. This indicates lenders might be picking up the pace on foreclosures.

How does Somerville compare?

Cambridge had 22 completed foreclosures in 2011 and 25 in 2010, a 12 percent drop. The city had 27 foreclosure petitions in 2011, down 54 percent from the 59 seen in 2010.

Arlington saw 9 foreclosures in 2011, down from 10 in 2010. There were 18 foreclosure petitions in 2011, down 61 percent from 2010, which saw 47 petitions.

Medford had 44 foreclosures in 2011, up 10 percent from the 40 seen in 2010. It had 92 foreclosure petitions in 2011, down 26 percent from the 126 seen in 2010.

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