Despite Jump in Foreclosures, Westwood Remains Low

Foreclosure activity picked back up across the Commonwealth this fall after more than a year of decline, according to a recently-released report by The Warren Group.

Specifically, in October, foreclosure petitions increased by 5.9 percent over a year ago statewide, the report revealed; the number of petitions rose from 1,127 in 2010 to 1,193 in 2011. Likewise, a total of 756 foreclosure deeds were recorded in October, a 35.7 percent increase from 557 in October 2010. 

Moreover, the report revealed that foreclosure petitions increased statewide year-over-year for the first time since August 2010. 

But despite this increase, Westwood real estate agents have seen little foreclosures take place in town.

"There are very few foreclosures in Westwood," said Erica Rice, Manager of . "Currently I have only found one pending an auction date, and even those 'pending auctions' often get resolved."

According to Robin Wish, Sales Vice President with , about 17 homes in Westwood are currently under "some level" of foreclosure, but that a given foreclosure complaint doesn't mean the homeowner is out of luck.

"What that means is that they've probably been late with one payment at least, but we don't really know much more than that," Wish said. "They may be in foreclosure, but is it something that's a town-wide problem? I feel like each situation is its own story."

Echoing that, Rice said about 20 homes in Westwood are in some type of distress, but it doesn't mean they will be foreclosed upon or even sold. 

"Most of the time, the bank and the homeowner can negotiate some sort of an agreement to keep this happening," Rice said. 

In the event a homeowner's mortgate is higher than the current market value of the home, most do not have to sell, Rice said, and instead they can wait until the market improves. 

"It is more common that we sell 'short sales,'" she said. "In Westwood, right now there are only two homes that are on the market that are disclosed short sales. There have been three sales s far this year in Westwood where it was disclosed in MLS as a short sale or lender-owned home."