MASSACHUSETTS FORECLOSURE ACTIVITY UP 26 PERCENT IN DECEMBER

Yearly Foreclosure Total Down 13 Percent From December 2006

 

IRVINE, Calif. – Jan. 25, 2008 – Massachusetts reported 4,220 foreclosure filings in December, a 26 percent increase from the previous month, and a 13 percent decrease from December 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.

 

“Although Massachusetts foreclosures increased in December, they are down from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Recent statistics show that the state’s unemployment rate fell nearly 1 percent during the past year. This is likely contributing to the overall decline.”

 

Massachusetts ranked 12th in the country in total foreclosures reported for December. The state’s foreclosure rate of one foreclosure filing for every 637 households ranked it 12th among the 50 states.

 

Middlesex County leads state foreclosure filings

Middlesex County led the state in total foreclosure activity for December, reporting 724 foreclosure filings. Worcester County tallied the second highest foreclosure total, reporting 629 foreclosure filings for the month, followed by Essex County, which registered 595 foreclosure filings.

 

Plymouth County posts highest foreclosure rate

Plymouth County led the state with the highest foreclosure rate for December, one foreclosure filing for every 368 households — 1.7 times the state average and 1.6 times the national average. Hampden County came in second with a rate of one foreclosure filing for every 437 households — 1.5 times the state average and 1.3 times the national average. Essex County reported the third highest foreclosure rate, one foreclosure filing for every 494 households — 1.3 times the state average and 1.2 times the national average.

 

State contributes 2 percent to nation’s monthly total

Total foreclosure filings in Massachusetts accounted for 2 percent of the 215,749 foreclosure filings reported nationwide in December. The national total represents a 7 percent increase from the previous month, and is 97 percent above the total reported for December 2006. The nation’s foreclosure rate decreased to one foreclosure filing for every 577 U.S. households for the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of foreclosure filings — both nationwide and by state — over the preceding month. 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 – December 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

Households per Filing

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

46,182

54,280

18,488

47,945

48,854

215,749

577

n/a

n/a

Mass.

0

18

889

3,157

156

4,220

637

0.91

n/a

 

 

 

 

 

 

 

 

 

 

Barnstable

0

0

36

35

3

74

2,078

0.28

0.31

Berkshire

0

0

9

31

6

46

1,466

0.39

0.43

Bristol

0

1

79

245

3

328

680

0.85

0.94

Dukes

0

0

0

3

1

4

3,974

0.15

0.16

Essex

0

3

71

512

9

595

494

1.17

1.29

Franklin

0

0

2

14

1

17

1,925

0.30

0.33

Hampden

0

2

86

336

6

430

437

1.32

1.46

Hampshire

0

0

4

23

0

27

2,237

0.26

0.29

Middlesex

0

1

167

506

50

724

810

0.71

0.79

Nantucket

0

0

1

4

0

5

2,059

0.28

0.31

Norfolk

0

0

70

241

3

314

833

0.69

0.77

Plymouth

0

3

121

385

5

514

368

1.57

1.73

Suffolk

0

2

107

340

64

513

579

1.00

1.10

Worcester

0

6

136

482

5

629

495

1.17

1.29

 

 

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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