MASSACHUSETTS FORECLOSURE ACTIVITY UP 150 PERCENT IN 2008

More than 44,000 Properties Received Foreclosure Filings During The Year

 

IRVINE, Calif. – Jan. 28, 2009 – Foreclosure filings were reported on 44,342 Massachusetts properties in 2008, an increase of 150 percent from 2007 and a 577 percent increase from 2006, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The report also shows that 1.64 percent of all Massachusetts housing units received at least one foreclosure filing during the year, up from 0.66 percent in 2007.

 

Massachusetts reported 3,919 properties with foreclosure filings in December, a 73 percent increase from the previous month, but down 7 percent from December 2007.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

“Foreclosure activity more than doubled in Massachusetts between 2007 and 2008 as the state’s economy struggled,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment in the state was up 2.4 percent for the year, while home sales and prices declined at double digit levels for the year. Until the economy stabilizes, these factors will continue to plague distressed homeowners looking for alternatives to foreclosure.”

 

Five counties account for bulk of state foreclosure activity in 2008

Five Massachusetts counties accounted for 68 percent of all foreclosure activity in the state for 2008. Middlesex County led the way, reporting 7,585 properties with foreclosure filings for the year. Essex County came in second, reporting 6,538 properties with foreclosure filings. Worcester County registered the third highest total, reporting 6,344 properties with foreclosure filings. Fourth highest was Suffolk County, reporting 6,262 properties with foreclosure filings. Plymouth County came in fifth, documenting 4,158 properties with foreclosure filings.

 

Essex County posts state’s top foreclosure rate for 2008

With 2.21 percent of its housing units receiving at least one foreclosure filing during the year, Essex County posted the top foreclosure rate in the state for 2008. Plymouth County had the second highest rate, with 2.17 percent of its housing units receiving at least one foreclosure filing. Third highest was Suffolk County, where 2.10 percent of the housing stock received at least one foreclosure filing in 2008.

 

State a significant contributor to nation’s foreclosure total for 2008

Massachusetts accounted for 2 percent of the 2,330,483 properties with foreclosure filings reported nationwide in 2008. The national total represented an increase of more than 81 percent from the total reported for 2007. For the year 1.84 percent of all U.S. housing units received at least one foreclosure filing, up from 1.03 percent in 2007.

 

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 – Yearend 2008

 

Rate Rank

County

Total Properties With Foreclosure Filings

% Housing Units

(Foreclosure Rate)

% Change From 2007

 

 

 

 

 

n/a

United States

2,330,483

1.84

81.24

n/a

Massachusetts

44,342

1.64

150.00

 

 

 

 

 

7

Barnstable

2,099

1.35

176.55

11

Berkshire

553

0.82

152.51

6

Bristol

3,369

1.50

119.77

14

Dukes

93

0.58

232.14

1

Essex

6,538

2.21

194.77

12

Franklin

220

0.67

100.00

5

Hampden

3,748

1.99

122.04

13

Hampshire

363

0.60

111.05

8

Middlesex

7,585

1.28

163.92

10

Nantucket

98

0.93

653.85

9

Norfolk

2,912

1.11

126.79

2

Plymouth

4,158

2.17

117.70

3

Suffolk

6,262

2.10

237.57

4

Worcester

6,344

2.02

106.38

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new homes, with more than 1.3 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com).

 

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Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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