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Needham, Norfolk County Foreclosures Well Below Last Year

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

 by Sean O'Donnell

There were no foreclosures last month.

The number of foreclosures in Needham is down compared to last year. 75 percent fewer foreclosure petitions were filed in town this year, and only two foreclosures have been completed.

Through the end of June last year 13 foreclosure petitions had been filed and three foreclosures were completed. So far this year only eight petitions have been filed and two 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."


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