Massachusetts Foreclosure Activity Rises in October

Statewide filings up 17 percent from September

 

Massachusetts reported 5,411 properties with foreclosure filings, up 17 percent from the previous month and 49 percent above the level reported in October 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“A new wave of foreclosures hit Massachusetts in October, bringing the level well above the number reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state had significant increases in both auction notices and the number of bank-owned properties during the month, up 31 and 48 percent respectively.”

 

Massachusetts had the 13th highest foreclosure total in the nation for October. One in every 503 Massachusetts housing units received a foreclosure filing during the month, the 15th highest foreclosure rate in the nation.

 

Plymouth County posts state’s top foreclosure rate in October

With one in every 320 housing units receiving a foreclosure filing — 1.2 times the national average and 1.6 times the state average — Plymouth County posted the highest county foreclosure rate in the state for October. Worcester County ranked second, reporting one in every 385 housing units receiving a foreclosure filing — on par with the national average and 1.3 times the state average. Bristol County had the third highest rate, with one in every 405 housing units receiving a foreclosure filing — 1.2 times the state average. Fourth highest foreclosure rate was in Essex County, where one in every 410 housing units received a foreclosure filing — 1.2 times the state average. Hampden County had the fifth highest total, reporting one in every 476 housing units receiving a foreclosure filing during the month — 1.1 times the state average.

 

Middlesex County tops state in foreclosure total for October

Middlesex County led all counties, totaling 894 properties with foreclosure filings for the month. Worcester County was second highest, documenting 820 properties with foreclosure filings. Reporting 725 properties with foreclosure filings for the month, Essex County was third highest total in the state. Plymouth County came in fourth, reporting 601 properties with foreclosure filings, while the fifth highest total was in Bristol County, where 555 properties with foreclosure filings were reported for the month.

 

State a minor contributor to nation’s foreclosure total in October

Massachusetts accounted for 2 percent of the 332,292 properties with foreclosure filings reported nationwide in October. Total U.S. activity declined 3 percent from the previous month but was still 19 percent ahead of October 2008. One in every 385 U.S. housing units received a foreclosure filing during the month.

 

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 – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

n/a

n/a

Massachusetts

0

2,508

0

2,017

886

5,411

503

0.77

n/a

 

 

 

 

 

 

 

 

 

 

Plymouth

0

268

0

221

112

601

320

1.20

1.57

Worcester

0

372

0

269

179

820

385

1.00

1.31

Bristol

0

230

0

234

91

555

405

0.95

1.24

Essex

0

309

0

327

89

725

410

0.94

1.23

Hampden

0

171

0

156

70

397

476

0.81

1.06

 

 

Massachusetts Top Foreclosure Totals by County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 09

% Chg Oct 08

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

-3.30

18.86

Massachusetts

0

2,508

0

2,017

886

5,411

503

17.20

49.06

 

 

 

 

 

 

 

 

 

 

Middlesex

0

452

0

322

120

894

664

23.31

42.58

Worcester

0

372

0

269

179

820

385

9.77

33.12

Essex

0

309

0

327

89

725

410

14.53

19.64

Plymouth

0

268

0

221

112

601

320

27.33

88.40

Bristol

0

230

0

234

91

555

405

28.77

127.46

 

 

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