MASSACHUSETTS FORECLOSURE ACTIVITY UP 43 PERCENT IN MARCH

Statewide Filings Up 59 Percent From March 2007; Rate in Nation’s Top 10

 

IRVINE, Calif. – April 25, 2008 – Massachusetts reported 5,573 properties with foreclosure filings in March, a 43 percent increase in activity from the previous month, and up 59 percent from March 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report. With one in every 486 households receiving a foreclosure filing, the state’s foreclosure rate ranked ninth among the 50 states and was 1.1 times the national average.

 

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.

 

“Foreclosure filings jumped significantly in Massachusetts in March and are well ahead of this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The rise in foreclosure activity is due largely to interest rate resets on adjustable rate loans, a decline in home sales and the tightening of loan standards by lenders.”

 

Five counties account for largest share of state total for March

Total foreclosure activity in five Massachusetts counties accounted for 69 percent of all properties with foreclosure filings in the state for March. Middlesex County had the highest total for the month, reporting 893 properties with foreclosure filings. Essex County was second, reporting 842 properties with foreclosure filings for the month. In third place, Worcester County reported 829 properties with foreclosure filings. Suffolk County came in fourth, reporting 691 properties with foreclosure filings, followed by Plymouth County documenting 606 properties with foreclosure filings.

 

Plymouth County posts highest foreclosure rate for March

Plymouth County reported the highest county foreclosure rate in Massachusetts for March, one in every 316 households receiving a foreclosure filing — 1.5 times the state average and 1.7 times the national average. Hampden County posted the second highest foreclosure rate, one in every 339 households receiving a foreclosure filing — 1.4 times the state average and 1.6 times the national average. Essex County came in third with a rate of one in every 352 households receiving a foreclosure filing — 1.4 times the state average and 1.5 times the national average. Fourth highest was Worcester County where one in every 379 households received a foreclosure filing — 1.3 times the state average and 1.4 times the national average, followed by Suffolk County with one in every 431 households receiving a foreclosure filing — 1.1 times the state average and 1.4 times the national average.

 

State a minor contributor to nation’s monthly total

Total foreclosure filings in Massachusetts accounted for 2 percent of the 234,685 properties with foreclosure filings reported nationwide in March. The national total represents a 5 percent increase from the previous month and is 57 percent ahead of the total reported for March 2007. One in every 538 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 by County – March 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

56,493

47,677

55,398

23,724

51,393

234,685

538

n/a

n/a

Massachusetts

0

3,167

9

2,291

106

5,573

486

1.11

n/a

 

 

 

 

 

 

 

 

 

 

Barnstable

0

91

0

80

6

177

875

0.61

0.56

Berkshire

0

42

0

36

1

79

858

0.63

0.57

Bristol

0

259

1

154

10

424

529

1.02

0.92

Dukes

0

7

0

1

1

9

1,789

0.30

0.27

Essex

0

476

2

351

13

842

352

1.53

1.38

Franklin

0

21

0

3

1

25

1,315

0.41

0.37

Hampden

0

318

1

229

8

556

339

1.59

1.44

Hampshire

0

30

0

12

0

42

1,447

0.37

0.34

Middlesex

0

547

0

331

15

893

662

0.81

0.73

Nantucket

0

5

0

0

0

5

2,107

0.26

0.23

Norfolk

0

209

1

182

3

395

667

0.81

0.73

Plymouth

0

331

0

263

12

606

316

1.70

1.54

Suffolk

0

359

0

312

20

691

431

1.25

1.13

Worcester

0

472

4

337

16

829

379

1.42

1.28

               

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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