Massachusetts Foreclosure Activity Rises Slightly in February

 

Statewide filings increase less than 1 percent from January

 

Foreclosure activity in Massachusetts rose slightly in February to 4,554 properties with foreclosure filings, up less than 1 percent from the previous month and 55 percent ahead of the level reported in February 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Foreclosure activity ticked up slightly in Massachusetts in February 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 is now at a 34-year high, though it remains below the national average and analysts expect to see a modest improvement moving forward.”

 

One in every 601 Massachusetts housing units received a foreclosure filing in February, the 15th highest rate in the nation.

 

Plymouth County posts top foreclosure rate in the state for February

Plymouth County posted the state’s highest county foreclosure rate in February, with one in every 380 housing units receiving a foreclosure filing — 1.6 times the state average. Dukes County was second, with one in every 444 housing units receiving a foreclosure filing — 1.4 times the state average. Bristol County came in third highest, with one in every 478 housing units receiving a foreclosure filing — 1.3 times the state average.

 

Middlesex County led the state in total foreclosures in February

Middlesex County led the way, totaling 749 properties with foreclosure filings for the month. Worcester County was second, documenting 647 properties with foreclosure filings. Reporting 625 properties with foreclosure filings for the month, Essex County ranked third highest. Plymouth County came in fourth place, reporting 509 properties with foreclosure filings, while the fifth highest total was in Bristol County, where 471 properties with foreclosure filings were reported for the month.

 

State a moderate contributor to nation’s month foreclosure total

Massachusetts accounted for 1 percent of the 308,524 properties with foreclosure filings reported nationwide in February. Total U.S. activity declined more than 2 percent from the previous month but was still 6 percent ahead of February 2009. One in every 418 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 – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

n/a

n/a

Massachusetts

0

1,909

0

1,734

911

4,554

601

0.70

n/a

 

 

 

 

 

 

 

 

 

 

Plymouth

0

224

0

184

101

509

380

1.10

1.58

Dukes

0

11

0

22

4

37

444

0.94

1.35

Bristol

0

201

0

180

90

471

478

0.88

1.26

Essex

0

239

0

278

108

625

478

0.87

1.26

Worcester

0

299

0

190

158

647

490

0.85

1.23

 

 

Massachusetts Top Foreclosure Totals by County – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Jan 10

% Chg Feb 09

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

-2.28

6.22

Massachusetts

0

1,909

0

1,734

911

4,554

601

0.40

54.90

 

 

 

 

 

 

 

 

 

 

Middlesex

0

321

0

279

149

749

800

8.08

50.70

Worcester

0

299

0

190

158

647

490

-12.21

40.04

Essex

0

239

0

278

108

625

478

1.46

42.37

Plymouth

0

224

0

184

101

509

380

14.90

89.93

Bristol

0

201

0

180

90

471

478

-5.99

81.15

 

 

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