MASSACHUSETTS FORECLOSURE ACTIVITY DOWN 9 PERCENT IN OCTOBER


Foreclosure Filings StatewideIncrease 25 Percent From October 2007

 

IRVINE, Calif. – Nov. 26, 2008 – Foreclosure filings were reported on 3,630Massachusetts properties in October, a decrease of 9 percent from the previousmonth, but still 25 percent above the level reported for October 2007,according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive nationaldatabase of foreclosure and bank-ownedproperties, with over 1.5 million properties from over 2,200 counties acrossthe country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real EstateJournal.

 

“Foreclosure filings decreased inMassachusetts between September and October, though the state reported a onequarter increase in activity compared to this time last year,” said James J.Saccacio, chief executive officer of RealtyTrac. “The state’s thrivingeducation, technology and health sciences sectors have remained relativelyunaffected by the national economic crisis until recently, but as conditionsworsen, Massachusetts employers will likely be forced to downsize, putting morehomeowners into peril.”

 

Massachusetts ranked 19th in thecountry in total properties with foreclosure filings for October. One in every746 Massachusetts housing units received a foreclosure filing during the month,ranking 21st among the 50 states.

 

Middlesex County tops in foreclosure activity forOctober

Middlesex County led the state reporting 627properties with foreclosure filings for the month. Worcester County came insecond highest, reporting 616 properties with foreclosure filings. Essex Countyranked third highest, reporting 606 properties with foreclosure filings.Suffolk County came in fourth place, documenting 550 properties withforeclosure filings.

 

Essex County post state’s top foreclosure rate forOctober

Essex Countyposted the highest foreclosure rate in Massachusettsfor October, with one in every 488 housing units receiving a foreclosure filingduring the month. Worcester County documented the secondhighest foreclosure rate, where one in every 510 housing units received aforeclosure filing. Suffolk County registered the thirdhighest foreclosure rate, where one in every 541 housing units received aforeclosure filing during the month.

 

State a minor contributor to nation’s foreclosure totalin October

Massachusetts accounted for 1 percent of the 279,561properties with foreclosure filings reported nationwide in October. Thenational total represented an increase of more than 5 percent from the previousmonth but was almost 25 percent ahead of the total reported for October 2007.The nation’s foreclosure rate rose to one in every 452 U.S. housing units receiving aforeclosure filing during the month.

 

Reportmethodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a countof the total number of properties with at least one foreclosure filing reportedduring the month — broken out by type of filing at the county, state andnational level. RealtyTrac’s report incorporates documents filed in all threephases of foreclosure: Default Notice of Default (NOD) and Lis Pendens (LIS); Auction Notice of Trustee Sale and Notice ofForeclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties(that have been foreclosed on and repurchased by a bank). If more than oneforeclosure document is filed against a property during the month — which isextremely rare — only the most recent filing is counted in the report. Thereport also checks if the same type of document was filed against a property ina previous month. If so, and if that previous filing occurred within theestimated foreclosure timeframe for the state the property is in, the reportdoes not count the property in the current month.

 

For current news and information regarding foreclosure-related issues andtrends, check out our blog at www.ForeclosurePulse.com.

 

MassachusettsForeclosure Market Data by County – October 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

36,036

66,033

66,319

26,305

84,868

279,561

452

n/a

n/a

Massachusetts

0

1,577

0

862

1,191

3,630

746

0.61

n/a

 

 

 

 

 

 

 

 

 

 

Barnstable

0

58

0

31

24

113

1,371

0.33

0.54

Berkshire

0

12

0

14

24

50

1,355

0.33

0.55

Bristol

0

137

0

62

45

244

919

0.49

0.81

Dukes

0

3

0

0

1

4

4,026

0.11

0.19

Essex

0

265

0

139

202

606

488

0.93

1.53

Franklin

0

10

0

0

6

16

2,055

0.22

0.36

Hampden

0

137

0

75

40

252

747

0.60

1.00

Hampshire

0

23

0

3

11

37

1,643

0.28

0.45

Middlesex

0

269

0

146

212

627

942

0.48

0.79

Nantucket

0

4

0

0

0

4

2,634

0.17

0.28

Norfolk

0

102

0

40

50

192

1,372

0.33

0.54

Plymouth

0

145

0

101

73

319

600

0.75

1.24

Suffolk

0

205

0

95

250

550

541

0.83

1.38

Worcester

0

207

0

156

253

616

510

0.89

1.46

 

About RealtyTrac Inc.

Rankedas the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastestgrowing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosureproperties, providing all the resources that home seekers, investors and realestate agents need to locate, evaluate and buy properties below market value.

 

Foundedin 1996, RealtyTrac publishes the largest and most comprehensive nationaldatabase 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 hostsnearly 3 million unique visitors monthly and has been chosen to supplyforeclosure 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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