Massachusetts Foreclosure Activity Soars in August

Foreclosure activity in Massachusetts rose 16 percent in August to 5,910 properties with foreclosure filings, up 144 percent from the level reported in August 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Massachusetts foreclosures continued to rise in August to more than double the level reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment within the state also surged upward to 9.1 percent, a level not seen in more than a decade.

One in every 461 Massachusetts housing units received a foreclosure filing in August, the 16th highest foreclosure rate in the nation.

 

Plymouth County posts state’s top foreclosure rate in August

Plymouth County posted the highest county foreclosure rate in the state for August, with one in every 317 housing units receiving a foreclosure filing. Worcester County had the second highest foreclosure rate, with one in every 356 housing units receiving a foreclosure filing during the month. Hampden County posted the third highest foreclosure rate, where one in every 385 housing units received a foreclosure filing.

 

Middlesex County leads the state in foreclosure totals for August

Middlesex County tallied the highest activity level, tallying 981 properties with foreclosure filings for the month. Worcester County had the second highest total of foreclosure filings, documenting 888 properties with foreclosure filings. Reporting 749 properties with foreclosure filings for the month, Essex County reported the third highest total in the state. Suffolk County was fourth highest, reporting 731 properties with foreclosure filings, while the fifth highest total was in Plymouth County, where 608 properties with foreclosure filings were reported for the month.

 

State a contributor to the nation’s foreclosure activity in August

Massachusetts accounted for 2 percent of the 358,471 properties with foreclosure filings reported nationwide in August. Total U.S. activity declined fractionally from the previous month but was still 18 percent ahead of August 2008. One in every 357 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 – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

n/a

n/a

Massachusetts

1

2,906

0

2,259

744

5,910

461

0.77

n/a

 

 

 

 

 

 

 

 

 

 

Plymouth

0

284

0

262

62

608

317

1.13

1.45

Worcester

0

408

0

331

149

888

356

1.00

1.29

Hampden

0

252

0

158

81

491

385

0.93

1.20

Nantucket

0

13

0

14

0

27

396

0.90

1.16

Essex

1

393

0

272

83

749

397

0.90

1.16

 

 

Massachusetts Top Foreclosure Totals by County – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg July 09

% Chg Aug 08

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

6.74

32.32

Massachusetts

1

2,906

0

2,259

744

5,910

461

15.57

143.61

 

 

 

 

 

 

 

 

 

 

Middlesex

0

495

0

386

100

981

605

17.20

174.02

Worcester

0

408

0

331

149

888

356

5.71

120.90

Essex

1

393

0

272

83

749

397

3.17

99.20

Suffolk

0

386

0

247

98

731

409

24.32

70.40

Plymouth

0

284

0

262

62

608

317

22.83

159.83

 

 

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