MASSACHUSSETS FORECLOSURES DECREASE 19 PERCENT IN JULY

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

State’s Activity Up 143 Percent From a Year Ago

 

IRVINE, Calif. – July 31, 2006 – Massachusetts reported 952 properties entering some stage of the foreclosure process in July, a 19 percent decrease in activity from the 1,174 properties reported in June, but a 143 percent increase above the 392 properties reported for the same month last year, according to the RealtyTrac™ July 2006 U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with more than 600,000 properties from more than 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate, AOL Real Estate and Knight Ridder Online.

 

“After reaching a peak in June, Massachusetts foreclosures have declined slightly in July,” said James J. Saccacio, chief executive officer of RealtyTrac.  “Even so, the state’s activity level has more than doubled from this time last year.”

 

Massachusetts ranked 22nd in the nation for total foreclosures in July.  The state’s foreclosure rate of one new foreclosure filing for every 2,754 households — 45 percent above the national average — ranks it 27th among the 50 states.

 

Worcester County Accounted for Largest Share of State Total

Leading the state in foreclosures for the month was Worcester County, reporting 224 properties entering some stage of the foreclosure process.  Each reporting 145 properties entering some stage of the foreclosure process, Hampden and Middlesex Counties came in second, followed by Plymouth County where 90 properties entering some stage of the foreclosure process.  

 

Highest Foreclosure Rate Posted in Hampden County

Hampden County posted the state’s highest foreclosure rate in July, reporting one new foreclosure filing for every 1,282 households – 2.2 times the state average.  Reporting one new foreclosure filing for every 1,331 households – 2.1 times the state average – Worcester County had the second highest foreclosure rate, followed by Plymouth County with one new foreclosure filing for every 2,017 households – 1.4 times the state average. 

 

State Accounts for 1 Percent of National Total

Massachusetts‘ foreclosure activity accounted for 1 percent of the 92,845 properties entering some stage of the foreclosure process nationwide in July. The national total represents a 5 percent increase from the 88,194 foreclosures reported in June. The nation’s foreclosure rate increased to one new foreclosure filing for every 1,245 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).

 

 

                      Massachusetts Foreclosure Market by County – July 2006

 

County Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

20,202

38,173

4,795

13,295

16,380

92,845

1,245

Massachusetts

37

904

0

0

11

952

2,754

0.45

 

 

 

 

 

 

 

 

 

 

Barnstable

1

51

0

0

0

52

2,829

0.44

0.97

Berkshire

1

17

0

0

0

18

3,683

0.34

0.75

Bristol

4

55

0

0

1

60

3,615

0.34

0.76

Dukes

0

3

0

0

0

3

4,945

0.25

0.56

Essex

1

74

0

0

2

77

3,729

0.33

0.74

Franklin

1

8

0

0

0

9

3,549

0.35

0.78

Hampden

2

141

0

0

2

145

1,282

0.97

2.15

Hampshire

0

7

0

0

0

7

8,378

0.15

0.33

Middlesex

6

138

0

0

1

145

3,977

0.31

0.69

Nantucket

0

1

0

0

0

1

9,210

0.14

0.30

Norfolk

1

38

0

0

1

40

6,379

0.20

0.43

Plymouth

7

81

0

0

2

90

2,017

0.62

1.37

Suffolk

8

73

0

0

0

81

3,611

0.34

0.76

Worcester

5

217

0

0

2

224

1,331

0.94

2.07

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, 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 AOL Real Estate, MSN Real Estate and Yahoo! Real Estate. 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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