Foreclosures Down in Watertown, but Potential Foreclosures Rising
Completed foreclosures have dropped by nearly 40 percent, but homes in danger of foreclosure rose by nearly 25 percent.
The number of completed foreclosures in Watertown dropped in 2012, compared to the previous year, but the number of homes facing possible foreclosures in town is on the rise, according to statistics provided by The Warren Group.
- There were two foreclosure petitions filed (the first step in the foreclosure process) in Watertown in December 2012, compared to none in the same month the previous year.
- No foreclosure auctions were held in Watertown this December, while a year before there were four.
- The number of foreclosure deeds (completed foreclosures) dropped by half, from two in 2011 to one this December.
- Foreclosure petitions rose by nearly 24 percent from 2011 to 2012, with a year-long total of 21 in 2011 and 26 in 2012.
- The number of foreclosure auctions in Watertown dropped slightly, with 45 in 2012 and 42 in 2012.
- Total foreclosures in Watertown dropped by 37.5 percent. In 2011 16 homes were foreclosed, while in 2012 10 foreclosures were completed.
Like Watertown, the number of foreclosures across Massachusetts are down, according to The Warren Group.
"Foreclosure activity nationwide is declining, and Massachusetts is following the same path. Deeds were down for the year, petitions declined for the past two months and I think that will continue," said Timothy M. Warren Jr., CEO of The Warren Group.
There were 265 foreclosure deeds statewide in December 2012, a 65 percent decrease from the 758 deeds recorded in December 2011, according to The Warren Group. The highest number of foreclosure deeds was seen in March, when 899 foreclosures were recorded.