MASSACHUSETTS FORECLOSURES INCREASE 40 PERCENT IN MARCH

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Activity Up 717 Percent From a Year Ago

 

IRVINE, Calif. – April 23, 2007 – Massachusetts reported 3,497 foreclosure filings in March, a 40 percent increase from the previous month, and a 717 percent increase from March 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 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.

 

Massachusetts foreclosures are up more than six times what they were a year ago,” said James J. Saccacio, chief executive officer of RealtyTrac. “Statistics show that the state’s home price appreciation rate was less than 8 percent of the national average in 2006. This, in addition to a higher unemployment rate, is likely driving foreclosure numbers so high.”

 

Massachusetts ranked 14th in the country in total foreclosures for March. The state’s foreclosure rate of one foreclosure filing for every 750 households ranks it the 13th among the 50 states.

 

Middlesex County accounts for largest share of state total

Middlesex County reported the highest foreclosure total for March, with 591 foreclosure filings. Worcester County came in second, reporting 572 foreclosure filings, followed by Hampden County with 406 filings.

 

Hampden County holds state’s highest foreclosure rate

Hampden County posted the highest foreclosure rate in Massachusetts for March, reporting one foreclosure filing for every 458 households — 1.6 times the state average and 1.7 times the national average. Worcester County reported the second highest rate, with one foreclosure filing for every 521 households — 1.4 times the state average and 1.5 times the national average. Plymouth County posted the third highest foreclosure rate, with one filing for every 553 households — 1.4 times the state average and 1.4 times the national average.      

 

State contributes 2 percent to national total

Total foreclosure filings in Massachusetts accounted for 2 percent of the 149,150 foreclosure filings nationwide. The national total was up almost 7 percent from the previous month, and surged 47 percent from March 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 775 U.S. households during 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 – March 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

47,135

51,203

8,906

19,416

22,491

149,150

775

n/a

n/a

Mass.

2,448

1,049

0

0

0

3,497

750

1.03

n/a

 

 

 

 

 

 

 

 

 

 

Barnstable

137

42

0

0

0

179

822

0.94

0.91

Berkshire

39

3

0

0

0

42

1,579

0.49

0.47

Bristol

209

78

0

0

0

287

756

1.03

0.99

Dukes

3

0

0

0

0

3

4,945

0.16

0.15

Essex

300

92

0

0

0

392

733

1.06

1.02

Franklin

22

0

0

0

0

22

1,452

0.53

0.52

Hampden

232

174

0

0

0

406

458

1.69

1.64

Hampshire

26

19

0

0

0

45

1,303

0.59

0.58

Middlesex

386

205

0

0

0

591

976

0.79

0.77

Nantucket

3

0

0

0

0

3

3,070

0.25

0.24

Norfolk

181

90

0

0

0

271

942

0.82

0.80

Plymouth

274

54

0

0

0

328

553

1.40

1.35

Suffolk

279

77

0

0

0

356

822

0.94

0.91

Worcester

357

215

0

0

0

572

521

1.49

1.44

 

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).

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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