Massachusetts Foreclosure Activity Decreases in May

Statewide foreclosure filings down 29 percent from April; Up 17 percent from May 2009

 

Foreclosure activity in Massachusetts fell 29 percent in May to 4,247 properties with foreclosure filings but rose 17 percent from the level reported in May 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Massachusetts foreclosures dropped in May, said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decrease was in default notices, which fell 30 percent for the month. The state’s unemployment rate remains below the national average, and its home values have not fallen as far as most states during the first quarter. These factors are likely contributing to the recent decline.”

 

Massachusetts ranked 19th in the country in total foreclosures reported for the month. With one in every 644 housing units receiving a foreclosure filing, its foreclosure rate ranked 23rd among the 50 states.

 

Plymouth County dominates foreclosure rate in May

Plymouth County posted the highest foreclosure rate in Massachusetts for May, with one in every 441 housing units receiving a foreclosure filing. Worcester County came in second, with one in every 454 housing units receiving a foreclosure filing. Essex County had the third highest foreclosure rate, with one in every 503 housing units receiving a foreclosure filing. Bristol County documented the fourth highest foreclosure rate, with one in every 524 housing units receiving a foreclosure filing.

 

Worcester County tops in foreclosure total for May

Worcester County came out on top, reporting 698 properties with foreclosure filings for the month. Middlesex County followed in second, documenting 605 properties with foreclosure filings. Reporting 594 properties with foreclosure filings for the month, Essex County reported the third highest ranking. Plymouth County was fourth highest, reporting 438 properties with foreclosure filings.

 

State contributes 1 percent to nation’s monthly foreclosure total in May

Massachusetts accounted for 1 percent of the 322,920 properties with foreclosure filings reported nationwide in May. Total U.S. activity declined by more than 3 percent from the previous month but was on par with the level reported in May 2009. One in every 400 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. 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 received for a property during the month, only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

 

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

 

Massachusetts Top Foreclosure Rates By County – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

n/a

n/a

Mass.

0

1,893

0

1,311

1,043

4,247

644

0.62

n/a

 

 

 

 

 

 

 

 

 

 

Plymouth

0

200

0

121

117

438

441

0.91

1.46

Worcester

0

296

0

192

210

698

454

0.88

1.42

Essex

0

258

0

215

121

594

503

0.79

1.28

Bristol

0

167

0

170

93

430

524

0.76

1.23

Hampden

0

187

0

85

83

355

535

0.75

1.20

 

Massachusetts Top Foreclosure Totals by County – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 10

% Chg May 09

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

-3.27

0.45

Mass.

0

1,893

0

1,311

1,043

4,247

644

-28.72

17.29

 

 

 

 

 

 

 

 

 

 

Worcester

0

296

0

192

210

698

454

-24.30

37.40

Middlesex

0

290

0

169

146

605

990

-29.65

-5.32

Essex

0

258

0

215

121

594

503

-24.23

12.29

Plymouth

0

200

0

121

117

438

441

-34.04

24.43

Bristol

0

167

0

170

93

430

524

-28.45

22.16

 

 

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