Home Foreclosures Down In State but Up in Burlington
The foreclosure rate in Burlington is very low, but did show an uptick in a month-to-month comparison with 2012.
Foreclosures in January in Burlington were up slightly compared to that month last year, according to new data released this week.
The trend in Burlington bucks the state-wide data, which shows a drop in foreclosures from around this time last year, according to the Warren Group, a real estate industry publishing company.
"The number of foreclosure petitions statewide dropped almost 30 percent - declining to 940 from 1,333 in January 2012. Petitions, which mark the first step in the foreclosure process in Massachusetts, have dropped for three consecutive months," the Warren Group states. "Petitions rose in all but three months in 2012."
The number of foreclosures in Burlington, though higher than last year, is still quite low. Burlington had two foreclosure petitions this past January, a 100 percent increase over the one foreclosure in January, 2012. Burlington also had two foreclosure auctions compared to one in January of last year.
Burlington's foreclosure rates bucks what is happening statewide. According to the Warren Group, in January, there were 292 foreclosure deeds filed statewide, a 63 percent decrease from 799 deeds recorded in January 2012. Foreclosure deeds represent completed foreclosures.
"We're finally seeing a clear picture of the trend in foreclosures - and it is good news," said Timothy M. Warren Jr., CEO of The Warren Group. "The housing market has greatly improved - a sign that the economy is gaining ground and foreclosures will continue to subside."
Middlesex County as a whole also saw a drop in foreclosures in January as compared to January, 2012. The county had 121 foreclosure petitions, a 32.02 percent drop from the 178 in January of last year.