MASSACHUSETTS FORECLOSURE ACTIVITY DECREASES 9 PERCENT IN FIRST QUARTER

State Foreclosure Activity Down 50 Percent From Q1 2008

Monthly Activity Down 9 percent in March, Drops 52 Percent From Year Ago

 

IRVINE, Calif. – April 27, 2009 – Foreclosure filings were reported on 8,193 Massachusetts properties in the first quarter of 2009, a 9 percent decrease from the previous quarter, and 50 percent behind the level reported for Q1 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

The Bay State reported 2,672 properties with foreclosure filings in March, a 9 percent decrease from the previous month and 52 percent below its March 2008 total.

 

Massachusetts foreclosures are down across the board,” said James J. Saccacio, chief executive officer of RealtyTrac. “Statistics show that while the state’s unemployment rate has been on the rise, it still remains below the national average. This is likely helping to keep foreclosures down here at a time when they are skyrocketing in many states.”

 

Massachusetts documented the 21st highest raw number of properties receiving foreclosure filings in the first quarter, its foreclosure rate — one in every 332 housing units received a foreclosure filing during the quarter — came in 27th among the 50 states.

 

Five counties largest contributors to state total for the quarter

Five Massachusetts counties accounted for 71 percent of the state’s overall foreclosure activity during the first quarter. Middlesex County came in first place, reporting 1,417 properties with foreclosure filings. Worcester County was second, reporting 1,336 properties with foreclosure filings for the quarter. Essex County was behind in third, reporting 1,213 properties with foreclosure filings. Suffolk County registered the fourth highest total, documenting 1,131 properties with foreclosure filings. Plymouth County posted the fifth highest total, where 751 properties with foreclosure filings were reported.

 

Worcester County scores highest rates in the state for first quarter

Worcester County led the state, with one in every 237 housing units receiving a foreclosure filing — 1.4 times the state average. Essex County came in second, with one in every 245 housing units receiving a foreclosure filing — 1.4 times the state average. Plymouth County registered the third highest foreclosure rate, where one in every 256 housing units received a foreclosure filing during the month — 1.3 times the state average.

 

State the contributes 1 percent to nation’s foreclosure total for Q1 2009

Massachusetts accounted for 1 percent of the 803,489 properties with foreclosure filings reported nationwide for the first quarter of 2009. The national total represented a 9 percent increase in activity from the previous quarter and was almost 24 percent ahead of the total reported for Q1 2008. One in every 159 U.S. housing units received a foreclosure filing during the quarter.

 

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the quarter — broken out by type of filing at the county, state and national level. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default Notice of Default (NOD) and Lis Pendens (LIS); Auction 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). If more than one foreclosure document is filed against a property during the quarter — which is extremely rare — only the most recent filing is counted in the report.

 

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

 

                             Massachusetts Foreclosure Market Data by County – Q1 2009

Properties with Foreclosure Filings

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

%Change from Q4 08

%Change from Q1 08

 

 

 

 

 

 

 

 

 

 

United States

156,933

149,852

225,752

80,409

190,543

803,489

159

9.16%

23.63%

Mass.

0

4,282

11

1,401

2,499

8,193

332

-9.16%

-49.94%

 

 

 

 

 

 

 

 

 

 

Barnstable

0

150

0

55

64

269

578

-24.23%

-51.88%

Berkshire

0

47

1

28

49

125

544

12.61%

-41.59%

Bristol

0

383

1

177

156

717

314

-3.24%

-41.75%

Dukes

0

6

0

0

3

9

1,807

-18.18%

-68.97%

Essex

0

623

2

256

332

1,213

245

-15.17%

-48.95%

Franklin

0

30

0

0

17

47

707

-9.62%

-48.91%

Hampden

0

381

0

111

108

600

315

-12.92%

-64.37%

Hampshire

0

38

0

5

23

66

926

-8.33%

-54.48%

Middlesex

0

692

2

201

522

1,417

419

-6.03%

-48.13%

Nantucket

0

9

0

0

3

12

890

33.33%

71.43%

Norfolk

0

308

0

78

114

500

530

-9.75%

-51.74%

Plymouth

0

471

0

145

135

751

256

-11.23%

-53.78%

Suffolk

0

508

1

138

484

1,131

264

-6.30%

-46.70%

Worcester

0

636

4

207

489

1,336

237

-6.83%

-46.86%

 

About RealtyTrac Inc.

RealtyTrac (www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate.

Cited by thousands of media outlets each quarter — including all the major news networks, leading publications such as The Wall Street Journal, The New York Times, and USA TODAY, RealtyTrac’s foreclosure data also has been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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