MASSACHUSETTS FORECLOSURES DOWN 10 PERCENT IN FEBRUARY

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

State’s Activity Soars 659 Percent From a Year Ago

 

IRVINE, Calif. – March 26, 2007 – Massachusetts reported 2,498 foreclosure filings in February, a 10 percent decrease from the previous month, but soaring 659 percent above 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 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 Massachusetts’ metropolitan areas has most 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 February. The state’s foreclosure rate of one foreclosure filing for every 1,050 households — well below the national average — ranked 18th among the 50 states.

 

Worcester County leads state in foreclosure activity and rate

Worcester County reported the highest foreclosure total in the state for February with 447 foreclosure filings. The county also tallied the highest foreclosure rate in the state for the month — one foreclosure filing for every 667 households — 1.6 times the state average and 1.3 times the national average.

 

Middlesex County had the second highest total for the month, reporting 416 foreclosure filings. The third highest total was reported in Essex County with 306 foreclosure filings.

 

Hampden County had the second highest foreclosure rate in the state for February, reporting one foreclosure filing for every 678 households — 1.6 times the state average and 1.3 times the national average. Plymouth County reported the third highest rate, one foreclosure filing for every 756 households — 1.4 times the state average and 1.2 times the national average.

 

State makes contribution to national total

The total number of foreclosure filings in Massachusetts accounted for just under 2 percent of the 130,786 filings nationwide in February. The national total was down 4 percent from the previous month, but still up 12 percent from February 2006. The nation’s foreclosure rate increased slightly to one foreclosure filing for every 884 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 – February 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

29,662

47,127

9,404

22,479

22,114

130,786

884

n/a

n/a

Massachusetts

1,983

515

0

0

0

2,498

1,050

0.84

n/a

 

 

 

 

 

 

 

 

 

 

Barnstable

94

28

0

0

0

122

1,206

0.73

0.87

Berkshire

27

10

0

0

0

37

1,792

0.49

0.59

Bristol

161

41

0

0

0

202

1,074

0.82

0.98

Dukes

5

0

0

0

0

5

2,967

0.30

0.35

Essex

248

58

0

0

0

306

938

0.94

1.12

Franklin

14

0

0

0

0

14

2,281

0.39

0.46

Hampden

184

90

0

0

0

274

678

1.30

1.55

Hampshire

27

9

0

0

0

36

1,629

0.54

0.64

Middlesex

327

89

0

0

0

416

1,386

0.64

0.76

Nantucket

1

0

0

0

0

1

9,210

0.10

0.11

Norfolk

138

40

0

0

0

178

1,433

0.62

0.73

Plymouth

222

18

0

0

0

240

756

1.17

1.39

Suffolk

192

28

0

0

0

220

1,330

0.66

0.79

Worcester

343

104

0

0

0

447

667

1.33

1.57

 

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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