Massachusetts Foreclosure Activity Rises in April

Statewide foreclosure filings up 29 percent from March

 

Monthly foreclosure activity in Massachusetts increased in April, up 29 percent from the previous month to 5,958 properties with foreclosure filings. This latest state total also represents a 13 percent year-over-year increase in foreclosure filings from April 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Massachusetts saw another hike in its number of foreclosure filings in April, bringing activity to a level well above what was reported for the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment in the Bay State recently hit a 34-year high, though analysts expect to see a modest improvement moving forward.”

 

The state had the 15th highest state foreclosure rate in the nation with one in 459 Massachusetts housing units receiving a foreclosure filing during the month.

 

Plymouth County posts top foreclosure rate for April

Plymouth County posted the highest county foreclosure rate in Massachusetts for April, with one in every 291 housing units receiving a foreclosure filing — 1.6 times the state average. Worcester County came in second, with one in every 344 housing units receiving a foreclosure filing. Bristol County was third, with one in every 375 housing units receiving a foreclosure filing.

 

Worcester County led the state in total foreclosures for April

Worcester County led the way, reporting 922 properties with foreclosure filings for the month. Middlesex County was second highest, documenting 860 properties with foreclosure filings. Reporting 784 properties with foreclosure filings for the month, Essex County ranked third highest. Plymouth County was fourth, reporting 664 properties with foreclosure filings. A total of 605 properties with foreclosure filings were reported in Suffolk County, the fifth highest county total in April.

 

State a modest contributor to nation’s month foreclosure total

Massachusetts accounted for 2 percent of the 333,837 properties with foreclosure filings reported nationwide in April. Total U.S. activity declined more than 9 percent from the previous month and was 2 percent below the level reported in April 2009. One in every 387 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: 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 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 – April 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

42,889

60,873

96,770

40,873

92,432

333,837

387

n/a

n/a

Massachusetts

0

2,716

0

1,855

1,387

5,958

459

0.84

n/a

 

 

 

 

 

 

 

 

 

 

Plymouth

0

285

0

209

170

664

291

1.33

1.58

Worcester

0

414

0

226

282

922

344

1.12

1.33

Bristol

0

248

0

208

145

601

375

1.03

1.23

Essex

0

344

0

286

154

784

381

1.01

1.20

Barnstable

0

162

0

155

74

391

399

0.97

1.15

 

 

Massachusetts Top Foreclosure Totals by County – April 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Mar 10

% Chg Apr 09

 

 

 

 

 

 

 

 

 

 

United States

42,889

60,873

96,770

40,873

92,432

333,837

387

-9.05

-2.40

Massachusetts

0

2,716

0

1,855

1,387

5,958

459

28.74

13.38

 

 

 

 

 

 

 

 

 

 

Worcester

0

414

0

226

282

922

344

15.11

17.45

Middlesex

0

426

0

256

178

860

696

26.10

-1.38

Essex

0

344

0

286

154

784

381

32.66

-4.85

Plymouth

0

285

0

209

170

664

291

28.19

25.76

Suffolk

0

270

0

188

147

605

494

53.55

-5.91

 

 

 

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