Latest Foreclosure Numbers Are Mixed For Lynnfield

Foreclosure activity in Lynnfield picked up somewhat in the early months of 2012, according to new data from the Warren Group.

The organization’s monthly report noted that as of the end of May, there had been nine foreclosure petitions in Lynnfield, compared to just two for that point in 2011 – marking a 350% increase. Still, there were no foreclosure petitions filed during the month of May.

While foreclosure petitions were up in Lynnfield, other related data does little to suggest a major trend is emerging. Year to date, there were five foreclosure auctions in Lynnfield, compared to four for the first five months of 2011. There were two foreclosure deeds (completed foreclosures) in town by the end of May, 2011, while this year, there were none in that time frame.

Still, the statewide foreclosure numbers were up significantly, although one significant reason appears to be that banks are simply resuming procedures that were put on hold last year. In Massachusetts, there were 1,724 foreclosure petitions filed in May, compared to just 699 for that same month in 2011. Completed foreclosures also posted a 32% jump between May 2011 and May 2012.

"Foreclosures are expected to rise throughout this year. We're seeing banks acting more aggressively in resuming foreclosures that were put on hold in 2011," said Cory S. Hopkins, editorial director of The Warren Group. "In order to return to a healthier market, we need these distressed properties to get cleared from banks' books. The increased activity also leads to opportunity for buyers."