Foreclosure Activity Remains Modest In Lynnfield

Foreclosure petitions have posted a fairly noticeable gain in Lynnfield in the past year, according to new data from the Warren Group.

In its monthly report, the Warren Group said that there were nine foreclosure petitions in Lynnfield as of the end of June, compared to just two for that month in 2011. Year to date foreclosure auctions in Lynnfield also posted a modest gain as of the end of June, from two to four.

Despite the year to date increase, there were no foreclosure petitions in Lynnfield during the month of June,  2012 – nor were there any during the month of June, 2011 for that matter.

Statewide, the Warren Group observed that the number of foreclosure petitions dropped below 1,300 for the first time in 2012 (1,254) – marking an eye-catching 29.5% drop from May alone.

"It's pretty significant to see foreclosure petitions drop by almost 30 percent from just a month ago," said Timothy M. Warren Jr., CEO of The Warren Group. "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."