MASSACHUSETTS FORECLOSURE ACTIVITY DECREASES 51 PERCENT IN FEBRUARY

State Filings Up 56 Percent From February 2007

 

IRVINE, Calif. – Mar. 26, 2008 – Massachusetts reported 3,906 properties with foreclosure filings in February. After an 89 percent increase in January, statewide activity decreased 51 percent for the month but is still 56 percent above the level reported for February 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1 million properties from nearly 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

“Foreclosure activity decreased more in Massachusetts than in any other state during February,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s unemployment rate is currently below the national average, which is most likely helping to ease down the state’s foreclosure level at a time when most of the country is still experiencing a sharp rise in activity.”

 

Massachusetts ranked 18th in the country in total foreclosures for the month. With one in every 689 households receiving a foreclosure filing, its foreclosure rate ranked 16th among the 50 states.

 

Five counties account for largest share of state total for the month

Total foreclosure activity in five Massachusetts counties accounted for 72 percent of all properties with foreclosure filings in the state for February. Essex County had the highest total for the month, reporting 666 properties with foreclosure filings. Middlesex County was second, reporting 657 properties with foreclosure filings for the month. In third place Worcester County reported 606 properties with foreclosure filings. Suffolk County came in fourth, reporting 507 properties with foreclosure filings, followed by Plymouth County documenting 381 properties with foreclosure filings.

 

Highest foreclosure rate for February reported in Essex County

With a rate of one in every 422 households receiving a foreclosure filing — 1.6 times the state average and 1.3 times the national average — Essex County reported the highest county foreclosure rate in the state for February. Second highest rate was posted by Plymouth County with one in every 497 households receiving a foreclosure filing — 1.4 times the state average and 1.1 times the national average. Hampden County came in third with a rate of one in every 502 households receiving a foreclosure filing — 1.4 times the state average and 1.1 times the national average. Fourth highest was Worcester County with one in every 514 households receiving a foreclosure filing — 1.3 times the state average and 1.1 times the national average, followed by Suffolk County with one in every 586 households receiving a foreclosure filing — 1.2 times the state average and just below the national average.

 

State a minor contributor to nation’s monthly total

Total foreclosure filings in Massachusetts accounted for 2 percent of the 223,651 foreclosure filings reported nationwide in February. The national total represents a 4 percent decrease from the previous month, and is 60 percent above the total reported for February 2007. The nation’s foreclosure rate increased to one foreclosure filing for every 557 U.S. households for the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of foreclosure filings — both nationwide and by state — over the preceding month. RealtyTrac’s report includes properties in all three phases of foreclosure: Defaults — Notice of Default (NOD) and Lis Pendens (LIS); Auctions — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank).

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

Massachusetts Foreclosure Market by County – February 2008

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

50,813

53,319

20,132

52,879

46,508

223,651

557

n/a

n/a

Massachusetts

0

4

1,495

2,308

99

3,906

689

0.81

n/a

 

 

 

 

 

 

 

 

 

 

Barnstable

0

0

56

74

4

134

1,148

0.49

0.60

Berkshire

0

0

17

39

1

57

1,183

0.47

0.58

Bristol

0

0

81

152

4

237

941

0.59

0.73

Dukes

0

0

1

3

0

4

3,974

0.14

0.17

Essex

0

0

287

362

17

666

442

1.26

1.56

Franklin

0

0

4

18

0

22

1,487

0.37

0.46

Hampden

0

1

177

190

6

374

502

1.11

1.37

Hampshire

0

0

9

24

2

35

1,725

0.32

0.40

Middlesex

0

2

230

415

10

657

892

0.62

0.77

Nantucket

0

0

0

1

0

1

10,296

0.05

0.07

Norfolk

0

0

85

135

5

225

1,163

0.48

0.59

Plymouth

0

0

160

220

1

381

497

1.12

1.39

Suffolk

0

0

154

320

33

507

586

0.95

1.18

Worcester

0

1

234

355

16

606

514

1.08

1.34

               

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new homes, with more than 1.3 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com).

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved