Foreclosures Begin to 'Thaw,' Experts Say, Leading to Rise

A monthly comparison of foreclosure numbers.

Foreclosures were up last month compared to February 2011 in Medford, in line with state trends, according to data from the Warren Group.

In Medford, there were eight foreclosure petitions in February 2012, compared to three last February, according to the data. Year date, there were 12 foreclosure petitions in Medford through February compared to eight through February 2011.

Statewide, there were 1,394 foreclosures in February, more than double February 2011, when there were 694, according to the Warren Group, a Boston-based real estate services company.

Foreclosures were essentially "frozen" last February, due to a lawsuit against lenders and a new law that allowed mortgage-holders more time to settle late bills, the report said.

"The large year-over-year increase doesn't necessarily indicate another wave of foreclosures," Timothy Warren Jr., CEO of The Warren Group, said in written statement. "Foreclosure activity was nearly frozen a year ago and now they're beginning to thaw again."


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