MASSACHUSETTS FORECLOSURE ACTIVITY UP 16 PERCENT IN NOVEMBER

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Foreclosure Activity Up 60 Percent From a Year Ago

 

IRVINE, Calif. – Dec. 19, 2007 – Massachusetts reported 3,357 foreclosure filings in November, a 16 percent increase from the previous month, and a 60 percent increase from November 2006, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1 million properties from nearly 2,500 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.

 

“Just after the state reported its lowest level of unemployment in six years, foreclosure activity in Massachusetts is back up again,” said James J. Saccacio, chief executive officer of RealtyTrac. “The trend toward economic improvement will likely have to continue for many months to bring the state’s foreclosure activity more in line with last year’s figures.”

 

Massachusetts ranked 16th in the country in total foreclosures reported for November. The state’s foreclosure rate of one foreclosure filing for every 801 households ranked it 15th among the 50 states.

 

Middlesex County leads the state in foreclosure activity

Middlesex County reported the highest foreclosure total in Massachusetts for November, with 605 foreclosure filings for the month. Worcester County reported the second highest state total, with 561 foreclosure filings. Essex County posted the third highest foreclosure total, with 518 foreclosure filings. Suffolk County had the fourth highest foreclosure total, with 419 filings entering some part of the foreclosure pipeline.

 

Worcester County posts highest foreclosure rate for November

Worcester County tallied the highest foreclosure rate in Massachusetts for November, one foreclosure filing for every 555 households — 1.4 times the state average. Hampden County registered the second highest foreclosure rate, one foreclosure filing for every 566 households — 1.4 times the state average. Essex County registered the third highest foreclosure rate, one foreclosure filing for every 568 households — 1.4 times the state average.

 

State makes a contribution to national total

Total foreclosure filings in Massachusetts accounted for almost 2 percent of the 201,950 foreclosure filings reported nationwide in November. The national total represents a 10 percent decrease from the previous month, but is still 68 percent above the total reported for November 2006. The nation’s foreclosure rate decreased to one foreclosure filing for every 617 U.S. households for the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, by state and by county. RealtyTrac’s report includes properties in all three phases of foreclosure: Defaults — Notice of Default (NOD) and Lis Pendens (LIS); Auctions — 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).

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

               Massachusetts Foreclosure Market by County – November 2007

 

County

NOD

NTS

NFS

LIS

REO

Total Filings

Households per Filing

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

35,096

51,696

20,269

48,451

46,438

201,950

617

n/a

n/a

Massachusetts

0

8

895

2,170

284

3,357

801

0.77

n/a

 

 

 

 

 

 

 

 

 

 

Barnstable

0

0

45

34

3

82

1,876

0.33

0.43

Berkshire

0

0

8

19

8

35

1,927

0.32

0.42

Bristol

0

0

78

188

8

274

814

0.76

0.98

Dukes

0

0

1

1

0

2

7,948

0.08

0.10

Essex

0

1

97

367

53

518

568

1.09

1.41

Franklin

0

0

1

11

6

18

1,818

0.34

0.44

Hampden

0

0

134

191

7

332

566

1.09

1.41

Hampshire

0

1

2

14

4

21

2,876

0.21

0.28

Middlesex

0

1

133

392

79

605

969

0.64

0.83

Nantucket

0

0

0

0

0

0

n/a

0.00

0.00

Norfolk

0

0

48

145

4

197

1,328

0.46

0.60

Plymouth

0

1

80

206

6

293

646

0.95

1.24

Suffolk

0

1

106

266

46

419

702

0.88

1.14

Worcester

0

3

162

336

60

561

555

1.11

1.44

 

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 construction properties, 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).

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

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