Massachusetts Foreclosure Activity Trends Downward in May

Total foreclosure filings statewide down 31 percent from April

 

Massachusetts foreclosure activity fell in May to 3,621 properties with foreclosure filings, a 31 percent decrease from the previous month, and 45 percent below the level reported for May 2008, according to RealtyTrac’s® latest U.S. Foreclosure Market Report.  

 

Massachusetts foreclosures are down both in May and from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “While the state’s unemployment rate has been on the rise during the past year, it still remains nearly one percent below the national average. Its home values have also depreciated less than most states during this time. These factors are definitely helping to drive down foreclosures here.”

 

Massachusetts ranked 17th in the country in total foreclosures reported for the month. With one in every 752 housing units receiving a foreclosure filing, its foreclosure rate ranked 20th among the 50 states.

 

Six counties accounted for 77 percent of state’s foreclosure activity for May

Middlesex County led all counties, reporting 639 properties with foreclosure filings for the month. Essex County posted the second highest total, where 529 properties with foreclosure filings were reported. Worcester County had the third highest total, reporting 508 properties with foreclosure filings, followed by Suffolk County, where 409 properties with foreclosure filings were tallied. Bristol and Plymouth counties both held the fifth highest total, where 352 properties with foreclosure filings were reported in each county for the month.

 

Plymouth County posts state’s highest foreclosure rate for May

Plymouth County posted the highest county foreclosure rate in the state, with one in every 547 housing units receiving a foreclosure filing during the month. Essex County had the second highest rate, with one in every 562 housing units receiving a foreclosure filing. Worcester County posted the third highest rate, where one in every 622 housing units received a foreclosure filing during the month.

 

State contributes 1 percent to nation’s foreclosure activity for May

Foreclosure activity in Massachusetts represented 1 percent of the 321,480 properties with foreclosure filings reported nationwide in May. Total U.S. activity fell 6 percent from the previous month but was still nearly 18 percent ahead of May 2008. One in every 398 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 Foreclosure Market Data by County – May 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 09

% Chg May 08

 

 

 

 

 

 

 

 

 

 

United States

55,442

67,687

100,578

32,756

65,017

321,480

398

– 6.01

17.76

Massachusetts

0

2,278

0

755

588

3,621

752

-31.09

-45.48

 

 

 

 

 

 

 

 

 

 

Barnstable

0

92

0

43

22

157

991

-34.03

-55.77

Berkshire

0

37

0

18

11

66

1,031

26.92

-10.81

Bristol

0

205

0

87

60

352

639

-24.79

-36.80

Dukes

0

12

0

1

3

16

1,016

-11.11

6.67

Essex

0

333

0

119

77

529

562

-35.80

-46.67

Franklin

0

10

0

0

7

17

1,956

-48.48

-51.43

Hampden

0

183

0

60

28

271

697

-28.68

-48.96

Hampshire

0

23

0

3

8

34

1,797

-34.62

-30.61

Middlesex

0

438

0

101

100

639

928

-26.72

-40.72

Nantucket

0

6

0

0

1

7

1,526

-46.15

-78.79

Norfolk

0

170

0

59

35

264

1,004

-24.36

-45.79

Plymouth

0

222

0

90

40

352

547

-33.33

-51.78

Suffolk

0

239

0

75

95

409

731

-36.39

-49.07

Worcester

0

308

0

99

101

508

622

-35.29

-43.74

 

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