MASSACHUSETTS FORECLOSURES DECREASE 43 PERCENT IN JANUARY

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

State’s Activity Up 1,192 Percent From a Year Ago

 

IRVINE, Calif. – Feb. 25, 2007 – Massachusetts documented 2,777 new foreclosure filings in January, a 43 percent decrease from the previous month, but still a 1,192 percent increase from January 2006, 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 850,000 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.

 

“The sharp drop in home sales and lower price appreciation across most of the Massachusetts’ metropolitan areas has likely contributed to the state’s rise in foreclosures as compared to last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Sluggish job growth within the state is also a contributing factor.”

 

Massachusetts ranked 15th in the country in total foreclosures reported for January. The state’s foreclosure rate of one new foreclosure filing for every 944 households ranked 15th among the 50 states.

 

Middlesex County leads state in foreclosure activity

Middlesex County documented the largest share of Massachusetts’ foreclosure activity in January, with 464 properties entering some stage of the foreclosure process during the month. Worcester County documented the second highest foreclosure activity in the state, with 459 properties entering some stage of the foreclosure process. Hampden County reported the state’s third highest foreclosure activity, with 333 properties in the foreclosure pipeline.

 

Hampden County leads state in foreclosure rate

Hampden County tallied the highest foreclosure rate in Massachusetts for January, with one new foreclosure filing for every 558 households — 1.7 times the state average and 1.6 times the national average. Worcester County registered the second highest rate, with one new foreclosure filing for every 650 households — 1.5 times the state average and 1.4 times the national average. Plymouth County posted the third highest foreclosure rate, with one new foreclosure filing for every 665 households — 1.4 times the state average and 1.3 times the national average.

 

State makes significant contribution to national total

Massachusetts’ foreclosure activity accounted for 2 percent of the 130,511 properties entering some stage of foreclosure nationwide in January. The national total represents a 19 percent increase in activity from the 109,652 foreclosure filings reported in December. The nation’s foreclosure rate increased to one new foreclosure filing for every 886 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 – January 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

27,317

52,326

6,983

19,980

23,905

130,511

886

n/a

n/a

Massachusetts

2,222

555

0

0

0

2,777

944

0.94

n/a

 

 

 

 

 

 

 

 

 

 

Barnstable

107

26

0

0

0

133

1,106

0.80

0.85

Berkshire

35

7

0

0

0

42

1,579

0.56

0.60

Bristol

190

46

0

0

0

236

919

0.96

1.03

Dukes

4

0

0

0

0

4

3,709

0.24

0.25

Essex

283

42

0

0

0

325

884

1.00

1.07

Franklin

16

0

0

0

0

16

1,996

0.44

0.47

Hampden

230

103

0

0

0

333

558

1.59

1.69

Hampshire

31

14

0

0

0

45

1,303

0.68

0.72

Middlesex

346

118

0

0

0

464

1,243

0.71

0.76

Nantucket

2

0

0

0

0

2

4,605

0.19

0.21

Norfolk

148

34

0

0

0

182

1,402

0.63

0.67

Plymouth

256

17

0

0

0

273

665

1.33

1.42

Suffolk

228

35

0

0

0

263

1,112

0.80

0.85

Worcester

346

113

0

0

0

459

650

1.36

1.45

 

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

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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