MASSACHUSETTS FORECLOSURE ACTIVITY DOWN 17 PERCENT IN OCTOBER

Foreclosure Activity Up 112 Percent From October 2006

 

IRVINE, Calif. – Nov. 26, 2007 – Massachusetts reported 2,904 foreclosure filings in October, a 17 percent decrease from the previous month, but still a 112 percent increase from October 2006, 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.

 

“Last month, Massachusetts reported its lowest level of unemployment in six years, which is likely a factor in the state bringing its foreclosure activity down,” said James J. Saccacio, chief executive officer of RealtyTrac. “However, this trend toward economic improvement will likely have to continue for many months to bring the state’s foreclosure activity more in line with last year’s figures.”

 

Massachusetts ranked 19th in the country in total foreclosures reported for October. The state’s foreclosure rate of one foreclosure filing for every 926 households ranked it 19th among the 50 states.

 

Worcester County leads state in foreclosure activity

Worcester County led the state in foreclosure activity, with 637 foreclosure filings for the month. Middlesex County reported the second highest foreclosure total, with 553 foreclosure filings. Essex County posted the third highest foreclosure total, with 481 foreclosure filings. Suffolk County registered the fourth highest foreclosure total, with 308 foreclosure filings entering some part of the foreclosure pipeline.

 

Worcester County posts highest foreclosure rate

Worcester County tallied the highest foreclosure rate in Massachusetts for October, with one foreclosure filing for every 489 households — 1.9 times the state average. Essex County registered the second highest foreclosure rate, with one foreclosure filing for every 612 households — 1.5 times the state average. Hampden County posted the third highest foreclosure rate, with one foreclosure filing for every 780 households.

 

State makes minor contribution to national total

Total foreclosure filings in Massachusetts accounted for 1 percent of the 224,451 foreclosure filings reported nationwide in October. The national total represents a 2 percent increase from the previous month, and is 94 percent above the total reported for October 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 555 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 – October 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

41,404

58,597

22,485

48,356

53,609

224,451

555

n/a

n/a

Massachusetts

0

2

612

1,434

856

2,904

926

0.60

n/a

 

 

 

 

 

 

 

 

 

 

Barnstable

0

0

21

18

11

50

3,076

0.18

0.30

Berkshire

0

0

10

27

17

54

1,249

0.44

0.74

Bristol

0

0

47

108

20

175

1,274

0.44

0.73

Dukes

0

0

0

3

0

3

5,299

0.10

0.17

Essex

0

1

52

203

225

481

612

0.91

1.51

Franklin

0

0

1

14

6

21

1,558

0.36

0.59

Hampden

0

0

85

141

15

241

780

0.71

1.19

Hampshire

0

0

3

16

3

22

2,745

0.20

0.34

Middlesex

0

1

146

241

165

553

1,060

0.52

0.87

Nantucket

0

0

0

0

0

0

n/a 

0.00

0.00

Norfolk

0

0

40

112

11

163

1,605

0.35

0.58

Plymouth

0

0

18

157

21

196

965

0.57

0.96

Suffolk

0

0

57

165

86

308

954

0.58

0.97

Worcester

0

0

132

229

276

637

489

1.14

1.89

 

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).

 

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Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

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