Massachusetts recorded the lowest monthly number of foreclosures in August since February of 2011, according to data released on Tuesday by the Warren Group, a New England real estate tracker, but while foreclosures statewide continue to drop, the city of Beverly saw a slight rise in foreclosures compared to last year.
Beverly recorded four foreclosures in August, two more than in August of 2011. Year-to-date foreclosure numbers in Beverly are also up, with 25 completed foreclosures so far this year, compared to 20 over the first eight months of last year.
The number of completed foreclosures in Beverly is not reflective of the statewide trend, nor is it an indicator of foreclosure activity in the region.
Both the North Shore and the Bay State saw a drop in foreclosures year-over-year from last August to this August. There were 41 foreclosures recorded in communities throughout Essex County in August, a dip of more than 56 percent from 94 in August 2011. Similarly, foreclosures statewide fell 40 percent, from 947 in August of last year to 566 this August.
Essex County has also seen a drop in year-to-date foreclosures compared to the same time last year, with 500 so far in 2012, down from 558 from January through August of 2011.
One good sign for Beverly is the number of foreclosure petitions filed in August. Foreclosure petitions mark the start of the foreclosure process, and are usually a good indicator of future foreclosure activity, according to the Warren Group. This August, there five foreclosure petitions in Beverly, down from eight during the same time last year.
Ryan Mooney can be reached at email@example.com. Follow him on Twitter @mooney_ryan.