Lynnfield has seen an increase in foreclosure activity in recent months, according to recent data from the Warren Group.
In July, there were two foreclosure petitions in town, compared to zero for that month in 2011. Year to date, there were 11 foreclosure petitions reported for Lynnfield as of the end of July. For that time period in 2011, there were only two foreclosure petitions.
Overall, foreclosure activity has remained relatively light in Lynnfield. There were six foreclosure auctions in town as of the end of July 2012, compared to four after the first seven months of 2011.
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."