Massachusetts Foreclosure Activity Down 19 Percent in 2009

Activity up 104 percent from 2007; down 6 percent from November

 

Massachusetts ended 2009 tallying 36,119 properties with foreclosure filings, a 19 percent decrease from the total reported for 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The yearly total is 104 percent higher than the level reported for all of 2007.

 

Massachusetts reported 3,745 properties with foreclosure filings, a 6 percent decrease over the previous month, and down 4 percent from December 2008. The state’s foreclosure rate — one in every 727 housing units received a foreclosure filing — was 28th highest in the nation for the month.

 

“Massachusetts foreclosures dropped slightly in December, leaving the state with significantly fewer filings in 2009 than were reported in 2008,” said James J. Saccacio, chief executive officer of RealtyTrac. “Still, foreclosure activity for the year remained more than double the level seen in 2007, and forecasts predict rising unemployment figures until mid-2010 within the state, signaling that foreclosures may continue to mount up in the coming months.”

 

With one in every 75 housing units receiving a foreclosure filing, Massachusetts’s foreclosure rate ranked 22nd highest in the nation for the year.

 

Plymouth County posts state’s highest foreclosure rate for 2009

Plymouth County posted the highest county foreclosure rate in Massachusetts for the year, with one in every 55 housing units receiving a foreclosure filing in 2009. Worcester County followed in second, reporting one in every 58 housing units receiving a foreclosure filing. Essex County came in third highest, also reporting one in every 58 housing units receiving a foreclosure filing. Suffolk County was fourth highest with one in every 65 housing units receiving a foreclosure filing. Hampden County had the fifth highest rate, where one in every 67 housing units receiving a foreclosure filing.

 

Middlesex County led state in foreclosure activity in 2009

Leading the way was Middlesex County, which reported a total 6,019 properties with foreclosure filings for the year. Worcester County came in second, documenting 5,491 properties with foreclosure filings. Essex County had the third highest total in the state, reporting 5,097 properties with foreclosure filings for the year. Suffolk County was fourth highest, reporting 4,619 properties with foreclosure filings, followed by Plymouth County in fifth place, tallying 3,488 properties with foreclosure filings for all of 2009.

 

State a minor contributor to nation’s foreclosure total in 2009

Massachusetts accounted for 1 percent of the 2,824,674 properties with foreclosure filings reported nationwide in 2009. Total U.S. activity increased more than 21 percent over the level reported for all of 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

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: Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

%Chg

from 2008

% Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

Massachusetts

36,119

1.33

75

-18.54

103.64

 

 

 

 

 

 

Plymouth

3,488

1.81

55

-16.11

82.62

Worcester

5,491

1.74

58

-13.45

78.63

Essex

5,097

1.71

58

-22.04

129.80

Suffolk

4,619

1.55

65

-26.24

149.00

Hampden

2,827

1.50

67

-24.57

67.48

 

 

Massachusetts Top Foreclosure Totals by County: Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

% Chg  

from 2008

% Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

Massachusetts

36,119

1.33

75

-18.54

103.64

 

 

 

 

 

 

Middlesex

6,019

1.01

99

-20.65

109.43

Worcester

5,491

1.74

58

-13.45

78.63

Essex

5,097

1.71

58

-22.04

129.80

Suffolk

4,619

1.55

65

-26.24

149.00

Plymouth

3,488

1.81

55

-16.11

82.62

 

 

Massachusetts Top Foreclosure Rates By County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl Avg

/State Avg

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

n/a

n/a

Massachusetts

0

1,819

0

1,277

649

3,745

727

0.50

n/a

 

 

 

 

 

 

 

 

 

 

Plymouth

0

227

0

126

66

419

460

0.80

1.58

Worcester

0

291

0

192

137

620

510

0.72

1.43

Bristol

0

163

0

147

70

380

592

0.62

1.23

Hampden

0

152

0

103

55

310

610

0.60

1.19

Essex

0

233

0

172

76

481

618

0.59

1.18

 

 

Massachusetts Top Foreclosure Totals by County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 09

% Chg Dec 08

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

13.99

15.20

Massachusetts

0

1,819

0

1,277

649

3,745

727

-6.49

-4.44

 

 

 

 

 

 

 

 

 

 

Worcester

0

291

0

192

137

620

251

3.68

4.38

Middlesex

0

285

0

171

90

546

125

-9.60

-17.40

Essex

0

233

0

172

76

481

468

-11.90

-16.64

Plymouth

0

227

0

126

66

419

39

-10.28

5.81

Bristol

0

163

0

147

70

380

783

-9.31

1.33

 

 

 

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