While foreclosures in Medford declined in August significantly when compared to the same month last year, to total of foreclosed homes in 2012 has remained nearly unchanged.
Lenders filed petitions to foreclose on only three homes in August, down from 12 in August 2011, according to The Warren Group, which tracks real estate transactions throughout the state. But in the first eight months of the year, only one fewer foreclosure -- for a total of 54 -- has been filed against Medford homeowners in 2012.
Auctions of foreclosed homes showed improvement from last year, down four from 24 last year. Deeds of foreclosed homes also sank, from 27 through August last year, to 22 this year.
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Statewide in August, fewer foreclosures were recorded than in any other month so far this year.
Lenders completed 566 foreclosures in Massachusetts, the third consecutive month that the state's foreclosure rate fell when compared to the same months last year.
"Fewer foreclosures were completed in recent months, which may indicate a greater effort from lenders to find loan alternatives," said Banker & Tradesman Editor Cory S. Hopkins in a statement.
"As banks continue to return to more normal foreclosure procedures and the housing market follows the same path, we are likely to see more good news in coming months," Hopkins said.
Matt Byrne can be reached at email@example.com.