Massachusetts Foreclosure Activity Inclines in Third Quarter

Total foreclosure filings up 18 percent from Q2, Up 35 percent from Q3 2008.

 

Massachusetts reported 12,667 properties with foreclosure filings in the third quarter of 2009, an increase of 18 percent from the previous quarter and 35 percent above the level reported in the third quarter of 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Massachusetts foreclosures were up during the third quarter,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in auctions, which were up 58 percent for the quarter. The state’s 9.3 percent unemployment rate in September is still below the national average of 9.8 percent, and home sales have begun to pick up this year. The increase we are seeing at this point is likely being driven by the overall recession.”

 

Massachusetts ranked 16th in the country in total foreclosures reported for the third quarter. With one in every 215 housing units receiving a foreclosure filing, its foreclosure rate ranked 17th among the 50 states.

 

Foreclosure activity in the Bay State was down 22 percent in September from the previous month to 4,617 properties with foreclosure filings, but elevated on a yearly basis, up 16 percent from September 2008. The state’s foreclosure rate was 18th highest in the nation for the month — with one in every 590 housing units receiving a foreclosure filing.

 

Plymouth City posts state’s top foreclosure rate in the third quarter

Plymouth County posted the highest county foreclosure rate in the state for the third quarter, with one in every 155 housing units receiving a foreclosure filing. Worcester County was second, with one in every 159 housing units receiving a foreclosure filing during the quarter. Essex County posted the third highest foreclosure rate, where one in every 171 housing units received a foreclosure filing.

 

Five counties accounted for 67 percent of foreclosure activity in the third quarter

Middlesex County led the way, tallying 2,047 properties with foreclosure filings for the quarter. Worcester County came in second highest, reporting 1,990 properties with foreclosure filings. Essex County came in third, tallying 1,742 properties with foreclosure filings. Suffolk County posted the fourth highest foreclosure activity for the quarter, reporting 1,493 properties with foreclosure filings. Plymouth County documented 1,243 properties with foreclosure filings, the state’s fifth highest foreclosure total in the quarter.

 

State contributes 1 percent to nation’s foreclosure activity for quarter and month

Massachusetts accounted for 1 percent of the 937,840 properties with foreclosure filings reported nationwide for the third quarter and 1 percent of the 343,638 properties with foreclosure filings reported for September. Total U.S. activity declined 5.4 percent between the second and third quarter of the year, but was up 23 percent from the third quarter of 2008. One in every 136 U.S. housing units received a foreclosure filing during the quarter, the highest quarterly foreclosure rate since RealtyTrac began issuing its report in 2005.

 

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 Top Foreclosure Rates by County – Q3 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

153,255

188,986

263,957

94,590

237,052

937,840

136

n/a

n/a

Mass.

1

7,779

0

3,159

1,728

12,667

214.90

0.63

n/a

 

 

 

 

 

 

 

 

 

 

Plymouth

0

771

0

330

142

1,243

155

0.88

1.39

Worcester

0

1,170

0

452

368

1,990

159

0.86

1.35

Essex

1

1,061

0

483

197

1,742

171

0.80

1.26

Hampden

0

607

0

287

193

1,087

174

0.78

1.24

Bristol

0

697

0

295

133

1,125

200

0.68

1.07

 

 

Massachusetts Top Foreclosure Totals by County – Q3 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 09

% Chg Q3 08

 

 

 

 

 

 

 

 

 

 

United States

153,255

188,986

263,957

94,590

237,052

937,840

136

5.40

22.50

Mass.

1

7,779

0

3,159

1,728

12,667

214.90

17.53

34.81

 

 

 

 

 

 

 

 

 

 

Middlesex

0

1,289

0

522

236

2,047

290

13.28

28.74

Worcester

0

1,170

0

452

368

1,990

159

23.83

21.42

Essex

1

1,061

0

483

197

1,742

171

4.25

6.67

Suffolk

0

984

0

296

213

1,493

200

10.76

0.88

Plymouth

0

771

0

330

142

1,243

155

17.60

57.34

 

 

Massachusetts Top Foreclosure Rates by County – Sept 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

56,979

65,186

97,925

35,727

87,821

343,638

372

n/a

n/a

Mass.

0

2,481

0

1,537

599

4,617

590

0.63

n/a

 

 

 

 

 

 

 

 

 

 

Plymouth

0

261

0

142

69

472

408

0.91

1.44

Worcester

0

392

0

228

127

747

423

0.88

1.39

Essex

0

326

0

239

68

633

470

0.79

1.25

Hampden

0

175

0

143

64

382

495

0.75

1.19

Bristol

0

244

0

131

56

431

522

0.71

1.13

 

 

Massachusetts Top Foreclosure Totals by County – Sept 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Aug 09

% Chg Sept 08

 

 

 

 

 

 

 

 

 

 

United States

56,979

65,186

97,925

35,727

87,821

343,638

372

-4.14

29.20

Mass.

0

2,481

0

1,537

599

4,617

590

-21.88

15.95

 

 

 

 

 

 

 

 

 

 

Worcester

0

392

0

228

127

747

423

-15.88

10.18

Middlesex

0

395

0

258

72

725

818

-26.10

4.92

Essex

0

326

0

239

68

633

470

-15.49

-5.10

Plymouth

0

261

0

142

69

472

408

-22.37

34.47

Suffolk

0

255

0

153

59

467

640

-36.11

-10.71

 

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