Massachusetts Foreclosure Activity Rises in First Quarter

Statewide foreclosure filings up from last year

March numbers up from a month earlier; up from a year ago

 

Foreclosure activity in Massachusetts rose 12 percent during the first quarter of 2010, and was up 60 percent from the same period last year. In all, the state reported 13,120 properties with foreclosure filings during the quarter.

 

During the month of March, the state reported 4,628 properties with foreclosure filings, a two percent increase from the previous month, and 73 percent above the level reported in March 2009. One in every 591 Massachusetts housing units received a foreclosure filing during the month, giving it the 23rd state foreclosure rate nationally.

 

“After falling during the previous month, Massachusetts foreclosures were up during the first quarter of this year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in bank-owned properties, which climbed 21 percent for the month. However, the state’s unemployment rate is still below the national average and home sales have spiked recently. If these trends continue, we may see foreclosures fall here in the near future.”

 

Massachusetts ranked 16th in the country in total foreclosures for the first quarter. With one in every 208 housing units receiving a foreclosure filing, its foreclosure rate ranked 17th among the 50 states.

 

Plymouth County tops in foreclosure rate for the first quarter

Plymouth County posted the highest county foreclosure rate in Massachusetts during the first quarter, as one in every 137 housing units received a foreclosure filing. Worcester County came in second, with one in every 152 housing units receiving a foreclosure filing. Bristol County came in third highest foreclosure rate, with one in every 162 housing units receiving a foreclosure filing.

 

Worcester County led state in total foreclosures for the first quarter

Worcester County documented 2,082 properties with foreclosure filings for the first quarter. Middlesex County was second, reporting 2,037 properties with foreclosure filings. Reporting 1,742 properties with foreclosure filings for the month, Essex County came in third.

 

State contributes less than 1 percent to the nation’s quarterly foreclosure total

Massachusetts represented less than 1 percent of the 932,234 properties with foreclosure filings reported nationwide for the first quarter of 2010. Total U.S. activity grew by more than 7 percent from the previous quarter and was 16 percent ahead of the first quarter 2009. One in every 138 U.S. housing units received a foreclosure filing during the quarter.

 

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 – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

n/a

n/a

Mass.

0

5,359

0

5,195

2,566

13,120

208

0.01

n/a

 

 

 

 

 

 

 

 

 

 

Plymouth

0

624

0

561

231

1,416

137

1.01

1.53

Worcester

0

880

0

674

528

2,082

152

0.91

1.37

Bristol

0

536

0

590

262

1,388

162

0.85

1.29

Essex

0

655

0

755

332

1,742

172

0.81

1.22

Hampden

0

410

0

398

241

1,049

181

0.76

1.15

 

 

 

Massachusetts Top Foreclosure Totals by County – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q4 2009

% Chg Q1 2009

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

7.23

16.02

Mass.

0

5,359

0

5,195

2,566

13,120

208

12.00

60.14

 

 

 

 

 

 

 

 

 

 

Worcester

0

880

0

674

528

2,082

152

14.90

55.84

Middlesex

0

828

0

840

369

2,037

294

11.01

43.75

Essex

0

655

0

755

332

1,742

172

10.81

43.61

Plymouth

0

624

0

561

231

1,416

137

10.88

88.55

Bristol

0

536

0

590

262

1,388

162

16.54

93.58

 

 

 

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