MASSACHUSETTS FORECLOSURE ACTIVITY UP 18 PERCENT IN JULY

Activity Down 23 Percent From a Year Ago

 

IRVINE, Calif. – Aug. 29, 2008 – Massachusetts reported 3,574 properties with foreclosure filings in July. Statewide activity increased 18 percent for the month but decreased 23 percent from July 2007, 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 1.5 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.

 

Massachusetts’ foreclosures were on the rise in July,” said James J. Saccacio, chief executive officer of RealtyTrac. “Statistics show that the state’s home price appreciation rate fell further than the national average during the past year. This, in addition to the overall decline in the housing market, is likely contributing to the rise.”

 

With one in every 758 households receiving a foreclosure filing, Massachusetts’ foreclosure rate ranked 20th among the 50 states.

 

Top five counties responsible for bulk of state’s foreclosure activity

Five Massachusetts counties accounted for 75 percent of all foreclosure activity in the state for July. Essex County reported the highest total – 662 properties with foreclosure filings — followed by Worcester County, which documented 654 properties with foreclosure filings. Middlesex County reported the third highest total — 641 properties with foreclosure filings — followed by Suffolk County, where 586 properties with foreclosure filings were reported. Plymouth County came in fifth with 257 properties with foreclosure filings.

 

Essex County posts top foreclosure rate for July

Essex County tallied the highest county foreclosure rate in the state in July, with one in every 447 households receiving a foreclosure filing for the month – 1.7 times the state average. Worcester County posted the state’s second highest rate, with one in every 480 households receiving a foreclosure filing during the month – 1.6 times the state average. The third highest rate in the state was reported in Suffolk County, where one in every 508 households received a foreclosure filing in July – 1.5 times the state average.

 

State contributes 1 percent to nation’s foreclosure total in July

Massachusetts accounted for 1 percent of the 272,171 properties with foreclosure filings reported nationwide in July. The national total represents an increase of almost 8 percent from the previous month and is 55 percent ahead of the total reported for July 2007. One in every 464 U.S. households 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 – July 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X  HH (rate)

/National Average

/State Average

 

 

 

United States

55,601

55,042

57,145

27,088

77,295

272,171

464

n/a

n/a

Massachusetts

0

512

21

1,518

1,523

3,574

758

0.61

n/a

 

 

 

 

 

 

 

 

 

Barnstable

0

14

0

48

40

102

1,519

0.31

0.50

Berkshire

0

3

1

37

27

68

996

0.47

0.76

Bristol

0

43

3

103

49

198

1,133

0.41

0.67

Dukes

0

1

0

7

3

11

1,464

0.32

0.52

Essex

0

62

1

313

286

662

447

1.04

1.70

Franklin

0

3

0

0

11

14

2,348

0.20

0.32

Hampden

0

36

2

114

46

198

951

0.49

0.80

Hampshire

0

3

1

1

13

18

3,377

0.14

0.22

Middlesex

0

73

4

292

272

641

922

0.50

0.82

Nantucket

0

2

0

0

0

2

5,268

0.09

0.14

Norfolk

0

38

1

87

37

163

1,616

0.29

0.47

Plymouth

0

52

3

143

59

257

745

0.62

1.02

Suffolk

0

81

1

187

317

586

508

0.91

1.49

Worcester

0

101

4

186

363

654

480

0.97

1.58

 

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).

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

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