MASSACHUSETTS FORECLOSURES INCREASE 49 PERCENT IN JULY

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Activity Up 387 Percent From July 2006; Foreclosure Rate in Top 10

 

IRVINE, Calif. – August 24, 2007 – Massachusetts reported 4,633 foreclosure filings in July, a 49 percent increase from the previous month, and a 387 increase from July 2006, 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 million 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 July,” 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 slightly below the national average.”

 

Massachusetts ranked 11th in the country in total foreclosures reported for July. The state’s foreclosure rate of one foreclosure filing for every 580 households ranked it 9th among the 50 states.

 

Worcester County leads state in foreclosure activity

Worcester County led the state in foreclosure activity for July, reporting 804 foreclosure filings. Middlesex County reported the second highest county total, with 779 foreclosure filings. Essex County came in third, with 591 foreclosure filings for the month. Hampden County documented the fourth highest county total, with 580 foreclosure filings.

 

Hampden County posts highest foreclosure rate

Hampden County posted the highest foreclosure rate in the state, with one foreclosure filing for every 324 households — 1.8 times the state average and 2.1 times the national average. Worcester County posted the second highest foreclosure rate in the state, with one foreclosure filing for every 387 households — 1.5 times the state average and 1.8 times the national average. Essex County posted the third highest foreclosure rate, with one foreclosure filing for every 498 households — 1.2 times the state average and 1.4 times the national average.

 

State a contributor to national total

Total foreclosure filings in Massachusetts accounted for 3 percent of the 179,599 foreclosure filings nationwide in July. The national total was up 9 percent from the previous month and up 93 percent from July 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 693 U.S. households for 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 – July 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

36,741

57,327

23,136

35,553

26,842

179,599

693

n/a

n/a

Massachusetts

0

0

3,076

1,337

220

4,633

580

1.20

n/a

 

 

 

 

 

 

 

 

 

 

Barnstable

n/a

n/a

149

58

n/a

207

743

0.93

0.78

Berkshire

n/a

n/a

37

12

5

54

1,249

0.56

0.46

Bristol

n/a

0

233

104

0

337

662

1.05

0.88

Dukes

n/a

n/a

6

4

n/a

10

1,590

0.44

0.36

Essex

n/a

0

336

196

59

591

498

1.39

1.17

Franklin

n/a

n/a

17

8

8

33

991

0.70

0.59

Hampden

n/a

n/a

462

118

n/a

580

324

2.14

1.79

Hampshire

n/a

n/a

34

12

3

49

1,232

0.56

0.47

Middlesex

n/a

n/a

497

227

55

779

753

0.92

0.77

Nantucket

n/a

n/a

2

3

n/a

5

2,059

0.34

0.28

Norfolk

n/a

n/a

208

97

1

306

855

0.81

0.68

Plymouth

n/a

n/a

196

150

n/a

346

547

1.27

1.06

Suffolk

n/a

0

367

164

1

532

553

1.25

1.05

Worcester

n/a

0

532

184

88

804

387

1.79

1.50

 

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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