Massachusetts Foreclosure Activity Drops in November

Statewide filings down 26 percent from October; up 76 from previous year

 

Massachusetts foreclosure activity fell in November to 4,005 properties with foreclosure filings, down 26 percent from the previous month, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The monthly total is 76 percent ahead of the level reported in November 2008.

 

“Massachusetts foreclosures dropped significantly during November,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decrease was in default notices, which fell 32 percent for the month. The state’s unemployment rate also fell during the month for the first time in quite a while, and home sales are picking up. These factors are likely driving the recent decline.”

 

Massachusetts ranked 18th in the country in total foreclosures reported for the month. With one in every 680 housing units receiving a foreclosure filing, its foreclosure rate ranked 19th among the 50 states.

 

Plymouth County posts state’s highest foreclosure rate in November

Plymouth County posted the highest county foreclosure rate in the state for November, with one in every 412 housing units receiving a foreclosure filing — 1.7 times the state average. Worcester County had the second highest rate, with one in every 529 housing units receiving a foreclosure filing. Bristol County came in third highest, with one in every 537 housing units receiving a foreclosure filing.

 

Middlesex County led state in total foreclosure filings for November

Middlesex County led all counties, totaling 604 properties with foreclosure filings for the month. Worcester County was second highest once again, documenting 598 properties with foreclosure filings. Reporting 546 properties with foreclosure filings for the month, Essex County had the third highest total in the state, while Plymouth County was fourth highest, reporting 467 properties with foreclosure filings for the month.

 

State contributed 1 percent to nation’s foreclosure total in November

Massachusetts accounted for 1 percent of the 306,627 properties with foreclosure filings reported nationwide in November. Total U.S. activity declined nearly 8 percent from the previous month but was still 18 percent ahead of November 2008. One in every 417 U.S. housing units received a foreclosure filing during the month.

 

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: DefaultNotice 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 – November 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

44,757

69,413

81,843

33,913

76,701

306,627

417

n/a

n/a

Mass.

0

1,715

0

1,632

658

4,005

680

0.61

n/a

 

 

 

 

 

 

 

 

 

 

Plymouth

0

194

0

198

75

467

412

1.01

1.65

Worcester

0

281

0

191

126

598

529

0.79

1.29

Bristol

0

164

0

167

88

419

537

0.78

1.27

Essex

0

194

0

266

86

546

545

0.77

1.25

Hampden

0

121

0

132

72

325

581

0.72

1.17

 

 

 

Massachusetts Top Foreclosure Totals by County – November 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Oct 09

% Chg Nov 08

 

 

 

 

 

 

 

 

 

 

United States

44,757

69,413

81,843

33,913

76,701

306,627

417

-7.72

18.35

Mass.

0

1,715

0

1,632

658

4,005

680

-25.98

76.35

 

 

 

 

 

 

 

 

 

 

Middlesex

0

275

0

254

75

604

982

0.42

0.69

Worcester

0

281

0

191

126

598

529

0.79

1.29

Essex

0

194

0

266

86

546

545

0.77

1.25

Plymouth

0

194

0

198

75

467

412

1.01

1.65

Suffolk

0

198

0

204

50

452

661

0.63

1.03

 

 

 

 

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