MASSACHUSETTS FORECLOSURE ACTIVITY UP 89 PERCENT IN JANUARY

Yearly Total Up 187 Percent From January 2007; Foreclosure Rate in Top 10

 

IRVINE, Calif. – Feb. 26, 2008 – Massachusetts reported 7,966 foreclosure filings in January, the eighth highest foreclosure total in the country. The total represents an 89 percent increase from the previous month, and is up 187 percent from January 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The state’s foreclosure rate of one foreclosure filing for every 338 households was 1.6 times the national average, ranking it sixth among the 50 states.

 

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 activity in Massachusetts soared to nearly double from just a month ago and almost triple the total from a year earlier,” said James J. Saccacio, chief executive officer of RealtyTrac. Recent declines in home sales and the median price of homes accelerating the number of foreclosures throughout the state as banks continue to slash prices on repossessed properties.”

 

Middlesex County leads state in foreclosure filings for the month

Middlesex County led the state in total foreclosure activity for January, reporting 1,338 foreclosure filings. Worcester County tallied the second highest foreclosure total, reporting 1,259 foreclosure filings for the month, followed by third place Suffolk County, registering 1,094 foreclosure filings. With 1,050 foreclosure filings Essex County reported the state’s fourth highest total. Hampden County came in fifth with 843 foreclosure filings for the month.

 

Hampden County posts highest foreclosure rate in January

Hampden County posted the highest foreclosure rate in the state for January, one foreclosure filing for every 223 households — 1.5 times the state average and 2.4 times the national average. Worcester County posted the second highest foreclosure rate, one foreclosure filing for every 247 households — 1.4 times the state average and 2.2 times the national average. Plymouth County reported the third highest foreclosure rate, one foreclosure filing for every 255 households — 1.3 times the state average and 2.1 times the national average.

 

State a major contributor to nation’s total in January

Total filings in Massachusetts accounted for 3 percent of the 223,001 foreclosure filings reported nationwide in January. The national total represents an 8 percent increase from the previous month, and is 57 percent above the total reported for January 2007. The nation’s foreclosure rate increased to one foreclosure filing for every 534 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 – January 2008

 

County

NOD

NTS

NFS

LIS

REO

Total

Households per Filing

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

52,321

60,101

19,662

55,590

45,327

233,001

534

n/a

n/a

Massachusetts

0

0

3,014

4,908

44

7,966

338

1.58

n/a

 

 

 

 

 

 

 

 

 

 

Barnstable

0

0

107

172

0

279

551

0.97

0.61

Berkshire

0

0

34

61

1

96

703

0.76

0.48

Bristol

0

0

226

413

0

639

349

1.53

0.97

Dukes

0

0

4

12

0

16

994

0.54

0.34

Essex

0

0

349

695

6

1,050

280

1.91

1.21

Franklin

0

0

16

30

0

46

711

0.75

0.47

Hampden

0

0

337

506

0

843

223

2.40

1.52

Hampshire

0

0

18

54

1

73

827

0.65

0.41

Middlesex

0

0

545

781

12

1,338

438

1.22

0.77

Nantucket

0

0

1

0

0

1

10,296

0.05

0.03

Norfolk

0

0

164

325

0

489

535

1.00

0.63

Plymouth

0

0

279

464

0

743

255

2.10

1.33

Suffolk

0

0

469

606

19

1,094

272

1.97

1.24

Worcester

0

0

465

789

5

1,259

247

2.16

1.37

 

 

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).

 

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Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

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