MASSACHUSETTS FORECLOSURE ACTIVITY DOWN 55 PERCENT IN JUNE

IRVINE, Calif. – July 28, 2008 – Foreclosure filings were reported on 3,031 Massachusetts properties in June, a 55 percent decrease from the previous month, and 3 percent below the level reported for June 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.

 

“Despite the state’s continually rising unemployment rate, foreclosures in Massachusetts are on the decline,” said James J. Saccacio, chief executive officer of RealtyTrac.

 

Massachusetts ranked 19th in the country in total properties with foreclosure filings reported for June. One in every 894 Massachusetts households received a foreclosure filing during the month, ranking 20th among the 50 states.

 

Middlesex County tops in foreclosure activity for June

Middlesex County led the state reporting 628 properties with foreclosure filings. Worcester County posted the second highest foreclosure total, reporting 436 properties with foreclosure filings. Essex County registered the third highest foreclosure total, reporting 419 properties with foreclosure filings. Suffolk Beach County came in fourth, reporting 370 properties with foreclosure filings, followed by Plymouth County, which reported 277 properties with foreclosure filings for the month.

 

Plymouth County posts state’s highest foreclosure rate in June

Plymouth County posted the highest foreclosure rate in Massachusetts for June, with one in every 691 households receiving a foreclosure filing in June. Essex County registered the second highest foreclosure rate, with one in every 706 households receiving a foreclosure filing. Worcester County had the third highest foreclosure rate, with one in every 721 households receiving a foreclosure filing. Hampden County posted the fourth highest foreclosure rate, with one in every 753 households receiving a foreclosure filing during the month. Suffolk County came in fifth place, with one in every 805 households receiving a foreclosure filing in June.

 

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

Massachusetts accounted for 1 percent of the 252,363 properties with foreclosure filings reported nationwide in June. The national total represents a decrease of more than 3 percent from the previous month but is still 53 percent ahead of the total reported for June 2007. One in every 501 U.S. households 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 – June 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

53,544

48,996

53,904

24,356

71,563

252,363

501

n/a

n/a

Massachusetts

0

683

22

1,225

1,101

3,031

894

0.56

n/a

 

 

 

 

 

 

 

 

 

 

Barnstable

0

21

0

66

44

131

1,183

0.42

0.76

Berkshire

0

10

1

31

6

48

1,411

0.35

0.63

Bristol

0

60

1

95

79

235

954

0.52

0.94

Dukes

0

2

0

4

1

7

2,301

0.22

0.39

Essex

0

92

3

209

115

419

706

0.71

1.27

Franklin

0

6

0

5

5

16

2,055

0.24

0.43

Hampden

0

64

4

113

69

250

753

0.66

1.19

Hampshire

0

5

0

4

3

12

5,066

0.10

0.18

Middlesex

0

123

2

183

320

628

941

0.53

0.95

Nantucket

0

4

0

0

0

4

2,634

0.19

0.34

Norfolk

0

51

0

81

66

198

1,330

0.38

0.67

Plymouth

0

73

3

100

101

277

691

0.72

1.29

Suffolk

0

87

1

154

128

370

805

0.62

1.11

Worcester

0

85

7

180

164

436

721

0.69

1.24

 

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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