MASSACHUSETTS FORECLOSURE ACTIVITY UP 97 PERCENT IN APRIL

Foreclosure Activity Down 24 Percent From April 2008

 

IRVINE, Calif. – May 29, 2009 – Foreclosure filings were reported on 5,255 Massachusetts properties in April, a 97 percent increase from the previous month, and 24 percent below the level reported for April 2008, 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 nearly doubled between March and April, though it was significantly lower than one year ago,” said James J. Saccacio, chief executive officer of RealtyTrac. “Contributing to mounting foreclosures is the state’s heightened level of unemployment caused by a record high number of layoffs.”

 

Massachusetts ranked 13th in the country in total properties with foreclosure filings for April. One in every 518 Massachusetts housing units received a foreclosure filing during the month, the 13th highest state foreclosure rate in the nation.

 

Middlesex County leads state in foreclosure activity in April

Middlesex County led the state, reporting 872 properties with foreclosure filings for the month. Essex County reported 824 properties with foreclosure filings, the state’s second highest county total. Worcester County came in third highest, reporting 785 properties with foreclosure filings. Suffolk County came in fourth, documenting 643 properties with foreclosure filings, while the fifth highest total was in Plymouth County, where 528 properties with foreclosure filings were reported for the month.

 

Essex County post state’s top foreclosure rate in April

Essex County topped the list, with one in every 361 housing units receiving a foreclosure filing. Plymouth County had the second highest foreclosure rate, with one in every 365 housing units receiving a foreclosure filing. Worcester County documented the third highest foreclosure rate, where one in every 403 housing units received a foreclosure filing during the month.

 

State a moderate contributor to nation’s foreclosure total in April

Massachusetts accounted for 2 percent of the 342,038 properties with foreclosure filings reported nationwide in April. The national total represented a negligible increase in activity from the previous month but was still 32 percent ahead of the total reported for April 2008. One in every 374 U.S. housing units 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 – April 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Mar 09

% Chg Apr 08

 

 

 

 

 

 

 

 

 

 

United States

65,456

76,608

100,559

35,512

63,903

342,038

374

0.25

32.25

Massachusetts

0

3,790

0

759

706

5,255

518

96.67

-23.59

 

 

 

 

 

 

 

 

 

 

Barnstable

0

179

0

35

24

238

654

128.85

-40.94

Berkshire

0

35

0

7

10

52

1,308

18.18

-26.76

Bristol

0

325

0

83

60

468

481

87.20

-11.36

Dukes

0

8

0

8

2

18

903

500.00

20.00

Essex

0

551

0

119

154

824

361

113.47

-21.75

Franklin

0

29

0

0

4

33

1,008

120.00

3.13

Hampden

0

281

0

63

36

380

497

79.25

-25.64

Hampshire

0

46

0

0

6

52

1,175

92.59

20.93

Middlesex

0

638

0

108

126

872

680

98.63

-36.07

Nantucket

0

13

0

0

0

13

822

160.00

-35.00

Norfolk

0

284

0

49

16

349

759

101.73

-31.70

Plymouth

0

409

0

77

42

528

365

86.57

-18.77

Suffolk

0

447

0

94

102

643

465

97.24

-19.63

Worcester

0

545

0

116

124

785

403

93.83

-10.39

 

About RealtyTrac Inc.

RealtyTrac (www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate.

Cited by thousands of media outlets each quarter — including all the major news networks, leading publications such as The Wall Street Journal, The New York Times, and USA TODAY, RealtyTrac’s foreclosure data also has been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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