May Saw Rise in Foreclosures for Medford, State

Foreclosures more than doubled statewide.

Medford foreclosures rose sharply in May compared to the same month in 2011, mirroring statewide trends.

There were ten foreclosure petitions in May, compared to six in May 2011, according to data from real estate research company The Warren Group. Statewide, foreclosures jumped from 699 in May 2011 to 1,724 last month, according to the data.

Year-to-date, there had been 35 foreclosure petitions in Medford through May, up from 26 in the same time frame last year.

Some experts don't see an end to the rise anytime soon, as a recent settlement between lendors and states could open the flood gates on foreclosures that have been tied up as banks certain procedures.

"Foreclosures are expected to rise throughout this year. We're seeing banks acting more aggressively in resuming foreclosures that were put on hold in 2011," Cory S. Hopkins, editorial director of The Warren Group, said in a written statement. "In order to return to a healthier market, we need these distressed properties to get cleared from banks' books. The increased activity also leads to opportunity for buyers."


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