Statewide foreclosure activity is reported to be at its highest level in two years – and in Lynnfield, the numbers are also up somewhat over the past year.
New data from the Warren Group shows that as of the end of April, 2011, there was just one foreclosure petition in Lynnfield. For that point in 2012, there were nine of them. There were three foreclosure petitions this April alone in Lynnfield, compared to one last year. Foreclosure petitions represent a first step in that process.
The year to date number of foreclosure auctions in Lynnfield was four the end of April 2012, compared to three last year. For the first four months of 2011, there were two foreclosure deeds in town, compared to none this year.
Neighboring communities like Wakefield, North Reading, Peabody and Middleton have also seen significant increases in year to date foreclosure petitions.
In its announcement, the Warren Group said that foreclosure petitions were up 47% statewide year-over-year between April 2011 and 2012, from 1,191 to 1,750. This was said to be highest number of petitions since 2,358 were recorded in September 2010. Year to date in Massachusetts, 6,098 foreclosure petitions have been filed, marking a 64% increase over that period in 2011.
"Foreclosure activity was so low last year that we're inevitably seeing a rise in foreclosures across the state," said Cory S. Hopkins, editorial director of The Warren Group. "It's necessary for a wave of foreclosures to work through the system this year, but it shouldn't cause panic. In order to return to a healthier market, the backlog of distressed properties needs to be cleared from banks' books."