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Wellesley, Norfolk County Foreclosures Well Below Last Year

The Warren Group attributes the decrease in foreclosures to the rise in home prices.

The number of foreclosures in Wellesley is down significantly compared to last year. Forty percent fewer foreclosure petitions were filed in town and not a single foreclosure has been completed.

Through the end of June last year five foreclosures petitions had been filed and three foreclosures were completed. So far this year only three petitions have been filed and none have been completed.

The trend continued across Norfolk County and Massachusetts as well. 

"Foreclosure petitions, which mark the first step in the foreclosure process in Massachusetts, fell to the lowest monthly level since The Warren Group started compiling foreclosure statistics in 2006," a report from The Warren Group said.

As for Norfolk County, foreclosure petitions are down 70 percent compared to this time last year and completed foreclosures are down 80 percent.

"One reason we're seeing continuing declines in foreclosure activity is the sharp rise in home prices," Timothy M. Warren Jr., CEO of The Warren Group, said. "Fewer homeowners are underwater on their mortgages, which is helping the foreclosure issue."

Hera August 02, 2013 at 10:41 AM
New taxes from Deval Patrick will make it even more "lovely" to see the new foreclosures.

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