MASSACHUSETTS FORECLOSURES DECREASE 39 PERCENT IN APRIL

Activity Soars 274 Percent From a Year Earlier

 

IRVINE, Calif. – May 18, 2007 – Massachusetts reported 2,148 foreclosure filings in April, a 39 percent decrease in activity from the previous month, but 274 percent spike in activity the level reported for the same month last year, according to the latest RealtyTrac™ U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 900,000 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.

 

“Employment in Massachusetts is on the rise, which is likely contributing to the state’s decrease in foreclosure activity compared to March,” said James J. Saccacio, chief executive officer of RealtyTrac. “Even with foreclosures up significantly compared to the same time last year, the state’s rate of foreclosures remains below the national average.”

 

Massachusetts ranked 19th in the country in total foreclosures reported for March. The state posted the 18th highest foreclosure rate in the country for the month — one foreclosure filing for every 1,221 households — well below the national average.

 

Four counties account for majority of state foreclosure activity

Foreclosure filings in four counties accounted for 58 percent of all activity in Massachusetts for April. Worcester County led the state, reporting 386 foreclosure filings for the month. Middlesex County came in second, reporting 354 foreclosure filings. Third highest total was reported by Essex County with 270 filings, followed by Hampden County reporting 237 filings in the foreclosure pipeline.

 

Worcester County leads state in foreclosure rate for the month

Worcester County posted the highest foreclosure rate in the state for April — one foreclosure filing for every 772 households — 1.6 times the state average and on par with the national average. Hampden County tallied the state’s second highest rate — one foreclosure filing for every 784 households — 1.6 times the state average and also on par with the national average. Third highest rate was reported in Plymouth County with one foreclosure filing for every 936 households — 1.3 times the state average.

 

State makes small contribution to national total

Total foreclosure filings in Massachusetts accounted for 1 percent of the 147,708 filings nationwide in April. The national total was down less than 1 percent from the previous month, but still up 62 percent from April 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 783 U.S. households during the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, by state and by county. 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 – April 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

47,171

49,794

7,388

21,085

22,270

147,708

783

n/a

n/a

Massachusetts

1,486

662

0

0

0

2,148

1,221

0.64

n/a

 

 

 

 

 

 

 

 

 

 

Barnstable

80

19

0

0

0

99

1,486

0.53

0.82

Berkshire

22

5

0

0

0

27

2,456

0.32

0.50

Bristol

126

53

0

0

0

179

1,212

0.65

1.01

Dukes

2

1

0

0

0

3

4,945

0.16

0.25

Essex

196

74

0

0

0

270

1,063

0.74

1.15

Franklin

10

2

0

0

0

12

2,662

0.29

0.46

Hampden

132

105

0

0

0

237

784

1.00

1.56

Hampshire

15

4

0

0

0

19

3,087

0.25

0.40

Middlesex

213

141

0

0

0

354

1,629

0.48

0.75

Nantucket

1

0

0

0

0

1

9,210

0.08

0.13

Norfolk

122

51

0

0

0

173

1,475

0.53

0.83

Plymouth

177

17

0

0

0

194

936

0.84

1.30

Suffolk

173

21

0

0

0

194

1,508

0.52

0.81

Worcester

217

169

0

0

0

386

772

1.01

1.58

 

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 construction properties, 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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