MASSACHUSETTS FORECLOSURES INCREASE SHARPLY IN DECEMBER

State’s Activity Level Up 131 Percent from November, 937 Percent From a Year Ago

 

IRVINE, Calif. – Jan. 15, 2007 – Massachusetts reported 4,843 properties entering some stage of the foreclosure process in December, a 131 percent increase from the 2,100 properties reported in November, and a more than 10 times the 467 properties reported for the same month last year, according to the RealtyTrac™ U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with nearly 700,000 properties from more than 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.

 

“Some of the increase in Massachusetts can be attributed to improvements in our data coverage in that state from 2005 to 2006, said James J. Saccacio, chief executive officer of RealtyTrac. “However, it’s clear that Massachusetts foreclosures are trending upward thanks in part to a sharp drop in home sales and lower price appreciation across most of the Massachusetts’ metropolitan areas.”

 

Boston real estate agent Tom Truong, a member of the RealtyTrac Agent Network™, said that the area’s housing market has slowed and that median prices have dropped 5 percent in 2006. Truong said that Boston foreclosure rates remained high because of higher mortgage rates.

 

“One of the major factors for foreclosures is certainly the cause and effect of the one-, two- and thee-year ARMs which have come to maturity in 2006, adding as much as three percentage points to the prior interest rate,” said Truong . “These homeowners may have also pulled out a second mortgage or tapped a line of credit, some up to or above 100 percent of last year’s valuations and find that they can no longer make the higher mortgage payments. Nor can they sell their home because the prices have depreciated.”

 

Massachusetts ranked 9th in the country in total foreclosures reported for December. The state’s foreclosure rate of one new foreclosure filing for every 541 households — 1.94 times the national average — ranks it 4th among the 50 states.

 

Worcester County leads state in activity

Worcester County led the state in foreclosure activity for the month, reporting 794 properties entering some stage of the foreclosure process. Middlesex County had the second highest total, reporting 686 properties in some stage of the foreclosure process for the month, followed by Essex County, with 621 properties entering some state of the foreclosure process.

 

Plymouth County posts state’s top foreclosure rate

Plymouth County posted the top foreclosure rate in the state for December, one new foreclosure filing for every 331 households — 1.6 times the state average and 3.2 times the national average. Hampden County posted the second highest foreclosure rate, with one new foreclosure filing for every 365 households — 1.5 times the state average and 2.9 times the national average. Worcester County had the third highest rate in the state, with one new foreclosure filing for every 376 households — 1.4 times the state average and 2.8 times the national average.

 

State total makes significant contribution to national total

Massachusetts’s foreclosure activity accounted for 4 percent of the 109,652 properties entering some stage of foreclosure nationwide in December. The national total represents a 9 percent decrease from the 120,334 foreclosures reported in November. The nation’s foreclosure rate decreased to one new foreclosure filing for every 1,055 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: Pre-foreclosures — Notice of Default (NOD) and Lis Pendens (LIS); Foreclosures — 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 – December 2006

 

County Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

26,593

41,292

5,472

15,887

20,408

109,652

1,055

n/a

n/a

Massachusetts

4,416

427

0

0

0

4,843

541

1.94

n/a

 

 

 

 

 

 

 

 

 

 

Barnstable

205

10

0

0

0

215

684

1.54

0.79

Berkshire

52

11

0

0

0

63

1,052

1.00

0.51

Bristol

442

44

0

0

0

486

446

2.36

1.21

Dukes

8

0

0

0

0

8

1,855

0.57

0.29

Essex

577

44

0

0

0

621

462

2.28

1.17

Franklin

48

1

0

0

0

49

652

1.62

0.83

Hampden

419

90

0

0

0

509

365

2.89

1.48

Hampshire

58

7

0

0

0

65

902

1.17

0.60

Middlesex

615

71

0

0

0

686

841

1.25

0.64

Nantucket

2

0

0

0

0

2

4,605

0.23

0.12

Norfolk

312

33

0

0

0

345

740

1.43

0.73

Plymouth

535

14

0

0

0

549

331

3.19

1.64

Suffolk

439

12

0

0

0

451

649

1.63

0.83

Worcester

704

90

0

0

0

794

376

2.81

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 construction properties, with more than 1 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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