MASSACHUSETTS FORECLOSURE ACTIVITY DOWN 32 PERCENT IN AUGUST

Statewide Foreclosure Activity Decreases 46 Percent From August 2007

 

IRVINE, Calif. – Sept. 26, 2008 – Foreclosure filings were reported on 2,426 Massachusetts properties in August, a decrease of 32 percent from the previous month, and 46 percent below the level reported for August 2007, 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.

 

“While Massachusetts reported an increase in unemployment for August along with the majority of the nation, its jobless rate remains well below the national average,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state has also managed to keep foreclosure activity down as some of its neighboring states continue to struggle.”

 

Massachusetts ranked 21st in the country in total properties with foreclosure filings reported for August. One in every 1,117 Massachusetts households received a foreclosure filing during the month, ranking 29th among the 50 states.

 

Suffolk County tops in foreclosure activity for August

Suffolk County led the state reporting 429 properties with foreclosure filings for the month. Worcester County came in second highest, reporting 402 properties with foreclosure filings. Third highest was Essex County, reporting 376 properties with foreclosure filings. Middlesex County came in fourth place, documenting 358 properties with foreclosure filings. Plymouth County came in fifth highest, reporting 234 properties with foreclosure filings during the month.

 

Suffolk County reports highest foreclosure rate list for August

Suffolk County posted the top county foreclosure rate in Massachusetts, with one in every 694 households receiving a foreclosure filing during the month. Worcester County posted the second highest foreclosure rate, where one in every 782 households received a foreclosure filing. Essex County posted the third highest foreclosure rate, where one in every 787 households received a foreclosure filing.

 

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

Massachusetts accounted for one percent of the 303,879 properties with foreclosure filings reported nationwide in August. The national total represents an increase of 12 percent from the previous month and is 27 percent ahead of the total reported for August 2007. The nation’s foreclosure rate increased to one in every 416 U.S. households receiving 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 – August 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

United States

61,903

57,156

69,693

24,234

90,893

303,879

416

n/a

n/a

Massachusetts

0

393

22

1,180

831

2,426

1,117

0.37

n/a

 

 

 

 

 

 

 

 

 

Barnstable

0

12

0

43

35

90

1,721

0.24

0.65

Berkshire

0

3

3

16

1

23

2,945

0.14

0.38

Bristol

0

37

1

70

76

184

1,219

0.34

0.92

Dukes

0

1

1

0

0

2

8,053

0.05

0.14

Essex

0

51

4

234

87

376

787

0.53

1.42

Franklin

0

1

0

0

3

4

8,220

0.05

0.14

Hampden

0

28

1

93

37

159

1,184

0.35

0.94

Hampshire

0

5

1

1

10

17

3,576

0.12

0.31

Middlesex

0

55

2

211

90

358

1,650

0.25

0.68

Nantucket

0

0

0

0

0

0

n/a

0.00

0.00

Norfolk

0

29

1

73

45

148

1,779

0.23

0.63

Plymouth

0

41

0

122

71

234

818

0.51

1.37

Suffolk

0

77

2

166

184

429

694

0.60

1.61

Worcester

0

53

6

151

192

402

782

0.53

1.43

 

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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