MASSACHUSETTS FORECLOSURE ACTIVITY DOWN 14 PERCENT IN JANUARY

Filings Statewide Decrease 58 Percent From January 2008

 

IRVINE, Calif. – Feb. 27, 2009 – Foreclosure filings were reported on 3,362 Massachusetts properties in January, down 14 percent from the previous month and 58 percent below the level reported for January 2008, 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 1.5 million properties from over 2,200 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 in Massachusetts was down both in January and from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “This may be due in part to an increased effort by lenders to modify distressed mortgages. The state’s unemployment rate also remains slightly below the national average which may be helping as well.”

 

Massachusetts ranked 19th in the country in total foreclosures for the month. With one in every 810 housing units receiving a foreclosure filing, its foreclosure rate ranked 20th among the 50 states.

 

Five counties account for bulk of state activity in January

Five Massachusetts counties accounted for 74 percent of all foreclosure activity in the state during January. Middlesex County led the pack, reporting 608 properties with foreclosure filings for the month. Worcester County was second highest, reporting 592 properties with foreclosure filings. Essex County came in third, reporting 506 properties with foreclosure filings. Suffolk County placed fourth, documenting 488 properties with foreclosure filings. Fifth highest total activity was in Plymouth County, where 288 properties with foreclosure filings were reported.

 

Worcester County posts state’s highest foreclosure rate for January

With one in every 534 housing units receiving a foreclosure filing — 1.5 times the state average — Worcester County reported the highest foreclosure rate in the state for January. Essex County posted the state’s second highest rate, with one in every 588 housing units receiving a foreclosure filing — 1.4 times the state average. Third highest rate was documented in Suffolk County, where one in every 613 housing units received a foreclosure filing during the month — 1.3 times the state average.

 

State a minor contributor to nation’s foreclosure total in January

Massachusetts accounted for 1 percent of the 274,399 properties with foreclosure filings reported nationwide in January. The national total represented a decrease of more than 9 percent from the previous month but was still nearly 18 percent ahead of the total reported for January 2008. One in every 466 U.S. housing units received a foreclosure filing during the month.

 

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 month — 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 month — which is extremely rare — 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 Foreclosure Market Data by County – January 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

46,681

52,435

80,986

27,520

66,777

274,399

466

n/a

n/a

Massachusetts

0

1,616

0

547

1,199

3,362

810

0.58

n/a

 

 

 

 

 

 

 

 

 

 

Barnstable

0

52

0

21

18

91

1,709

0.27

0.47

Berkshire

0

20

0

12

29

61

1,115

0.42

0.73

Bristol

0

147

0

52

65

264

852

0.55

0.95

Dukes

0

4

0

0

0

4

4,065

0.11

0.20

Essex

0

227

0

104

175

506

588

0.79

1.38

Franklin

0

7

0

0

12

19

1,750

0.27

0.46

Hampden

0

155

0

44

34

233

811

0.57

1.00

Hampshire

0

13

0

1

15

29

2,107

0.22

0.38

Middlesex

0

258

0

90

260

608

976

0.48

0.83

Nantucket

0

3

0

0

1

4

2,671

0.17

0.30

Norfolk

0

117

0

22

36

175

1,514

0.31

0.53

Plymouth

0

190

0

57

41

288

669

0.70

1.21

Suffolk

0

180

0

55

253

488

613

0.76

1.32

Worcester

0

243

0

89

260

592

534

0.87

1.52

                   

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

 

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