Foreclosure Petitions Up In Wakefield Through July

Foreclosure activity was up in Wakefield as of the end of July, according to recent data from the Warren Group.

The Warren Group reported that in July, eight foreclosure petitions were filed in Wakefield, compared to just four for that month in 2011. Along with that, the real estate data company noted that year to date, 32 foreclosure petitions were filed in Wakefield as of the end of July. As of that point in 2011, there were 12 foreclosure petitions, marking a 166.67% percent increase.

In other data for Wakefield, there was no change in foreclosure auctions year to date from 2011 to 2012 (zero), and foreclosure deeds (nine).

Statewide, the Warren Group noted that the 1,198 foreclosures initiated in Massachusetts in July marked the lowest monthly level recorded in 2012. However, there were also 10,623 foreclosure petitions initiated as of the end of July, 2012, up from 6,856 for that period in 2011.

"Foreclosure activity has been fluctuating for the past year or so - slowing after several banks delayed and examined their own proceedings, and then ramping back up," said Warren Group CEO Timothy Warren. "It appears we're seeing a clearer picture now - less starts and deeds which means homeowners are making payments and working out defaults through short sales and loan modifications."