MASSACHUSETTS FORECLOSURE ACTIVITY UP 64 PERCENT IN SEPTEMBER

Foreclosure Activity Increases 14 Percent From September 2007

 

IRVINE, Calif. – Monday, Oct. 27, 2008 – Massachusetts reported 3,982 properties with foreclosure filings in September, a 64 percent increase from the previous month and 14 percent ahead of the level reported for September 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.

 

“Foreclosure activity in Massachusetts increased in September and was up substantially from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “A number of factors are contributing to this upswing including the state’s unemployment rate which has climbed almost one percent through the first three quarters of the year, but is still well below the national average. Also, home prices are running in negative territory. Together, these factors are very much a part of the problem leading to the overall rise in foreclosures we’re seeing throughout the state.”

 

Massachusetts ranked 16th in the country in total foreclosures for the month. With one in every 680 households receiving a foreclosure filing in September, its foreclosure rate ranked 17th among the 50 states.

 

Five counties dominate state’s foreclosure activity for September

Five Massachusetts counties accounted for 73 percent of all foreclosure activity in the state for September. Middlesex County led the way, reporting 691 properties with foreclosure filings for the month. Worcester County documented the state’s second highest total, reporting 678 properties with foreclosure filings. Third highest was Essex County, reporting 667 properties with foreclosure filings. Suffolk County came in fourth place, documenting 523 properties with foreclosure filings, followed by Plymouth County, reporting 351 properties with foreclosure filings.

 

Essex County posts top foreclosure rate for September

With one in every 444 households receiving a foreclosure filing for the month — 1.5 times the state average and 1.1 times the national average — Essex County tallied the highest county foreclosure rate in the state for September. Worcester County posted the state’s second highest rate, with one in every 463 households receiving a foreclosure filing during the month — 1.5 times the state average and on par with the national average. The third highest rate in the state was reported in Plymouth County, where one in every 545 households received a foreclosure filing in September — 1.3 times the state average.

 

State a minor contributor to nation’s foreclosure total in September

Massachusetts accounted for 1 percent of the 265,968 properties with foreclosure filings reported nationwide in September. The national total represents a decrease of more than 12 percent from the previous month but is still 21 percent ahead of the total reported for September 2007. The nation’s foreclosure rate decreased to one in every 475 U.S. households receiving 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 – September 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

39,828

58,606

61,442

24,780

81,312

265,968

475

n/a

n/a

Massachusetts

0

2,222

6

928

826

3,982

680

0.70

n/a

 

 

 

 

 

 

 

 

 

 

Barnstable

0

71

0

41

26

138

1,123

0.42

0.61

Berkshire

0

18

0

7

9

34

1,992

0.24

0.34

Bristol

0

172

0

64

60

296

758

0.63

0.90

Dukes

0

3

0

1

0

4

4,026

0.12

0.17

Essex

0

357

1

184

125

667

444

1.07

1.53

Franklin

0

8

0

0

4

12

2,740

0.17

0.25

Hampden

0

183

1

59

39

282

668

0.71

1.02

Hampshire

0

11

0

0

4

15

4,052

0.12

0.17

Middlesex

0

443

1

116

131

691

855

0.56

0.80

Nantucket

0

2

0

0

0

2

5,268

0.09

0.13

Norfolk

0

154

0

46

89

289

911

0.52

0.75

Plymouth

0

212

0

85

54

351

545

0.87

1.25

Suffolk

0

280

0

161

82

523

569

0.83

1.20

Worcester

0

308

3

164

203

678

463

1.02

1.47

 

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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