Massachusetts Foreclosure Activity Speeds Up in July

Statewide foreclosure filings up 8 percent from June

 

Foreclosure activity in Massachusetts increased 8 percent in July to 4,328 properties with foreclosure filings, 15 percent below the level reported in July 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Massachusetts foreclosures were up in July,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in bank-owned properties, which jumped 24 percent for the month. The state’s home sales declined further than the national average during the first quarter. This has likely contributed to the recent rise.”

 

Massachusetts ranked 18th in the country in total foreclosures reported for the month. With one in every 632 housing units receiving a foreclosure filing, its foreclosure rate ranked 21st among the 50 states.

 

Plymouth County posts top county foreclosure rate in July

Plymouth County posted the top foreclosure rate in Massachusetts for the month, with one in every 352 housing units receiving a foreclosure filing in July. Worcester County posted the second highest foreclosure rate, with one in every 466 housing units receiving a foreclosure filing during the month. Coming in third was Bristol County, where one in every 516 housing units received a foreclosure filing in July.

 

Worcester County dominates state with top foreclosure total for July

Worcester County led Massachusetts in total foreclosure activity, reporting 681 properties with foreclosure filings in July. Second highest Middlesex County reported 648 properties with foreclosure filings. Plymouth County came in third highest foreclosure activity, tallying 549 properties with foreclosure filings. Fourth highest was Essex County, where 537 properties with foreclosure filings were reported. Bristol County was fifth, reporting 436 properties with foreclosure filings for the month.

 

State contributes 1 percent to nation’s monthly foreclosure total

Massachusetts accounted for 1 percent of the 325,229 properties with foreclosure filings reported nationwide in July. Total U.S. activity increased by more than 3 percent from the previous month but was down almost 10 percent from the level reported in July 2009. One in every 397 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 – July 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

42,651

54,472

87,310

47,938

92,858

325,229

397

n/a

n/a

Mass.

0

2,061

0

1,065

1,202

4,328

632

0.63

n/a

 

 

 

 

 

 

 

 

 

 

Plymouth

0

277

0

152

120

549

352

1.13

1.79

Worcester

0

313

0

140

228

681

466

0.85

1.36

Bristol

0

201

0

117

118

436

516

0.77

1.22

Hampden

0

174

0

80

107

361

526

0.75

1.20

Essex

0

240

0

151

146

537

557

0.71

1.14

 

 

Massachusetts Top Foreclosure Totals by County – July 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 10

% Chg July 09

 

 

 

 

 

 

 

 

 

 

United States

42,651

54,472

87,310

47,938

92,858

325,229

397

3.63

-9.70

Mass.

0

2,061

0

1,065

1,202

4,328

632

8.42

-15.37

 

 

 

 

 

 

 

 

 

 

Worcester

0

313

0

140

228

681

466

8.96

-18.93

Middlesex

0

316

0

172

160

648

924

9.83

-22.58

Plymouth

0

277

0

152

120

549

352

19.35

10.91

Essex

0

240

0

151

146

537

557

10.27

-26.03

Bristol

0

201

0

117

118

436

516

1.87

-7.82

 

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