Massachusetts Foreclosure Activity Decreased in Third Quarter

Total foreclosure filings decline 11 percent statewide from the second quarter

Auction notices, defaults and REOs down for the quarter

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 12,017 Massachusetts properties during the third quarter, an 11 percent decrease from the previous quarter and down 5 percent from the third quarter of 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

For September, Massachusetts ranked 19th in the nation with 4,049 properties with foreclosure filings, a 6 percent decrease from the previous month and 12 percent below the level reported for the same month last year. One in every 676 Massachusetts housing units received a foreclosure filing in September, ranking the 23rd highest foreclosure rate among the 50 states.

 

Massachusetts foreclosures were down during the third quarter,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decrease was in actions, which fell 19 percent for the quarter. The state’s unemployment rate fell significantly over the last three months, and home sales were higher here than the national average earlier this year. These factors are definitely driving the recent decline.”

Massachusetts ranked 20th in the nation in total foreclosures reported for the quarter. Its foreclosure rate of one in every 228 housing units receiving a foreclosure filing during the quarter, ranked it 22nd among the 50 states.

Plymouth County led state with top foreclosure rate in third quarter

Plymouth County posted the highest foreclosure rate in Massachusetts during the third quarter of 2010, where one in every 139 housing units received a foreclosure filing. Worcester County posted the second highest foreclosure rate, where one in every 164 housing units received a foreclosure filing during the period. Bristol County documented the third highest foreclosure rate, where one in every 182 housing units received a foreclosure filing.

 

Worcester County posts state’s top foreclosure total for third quarter

Worcester County dominated, reporting 1,934 properties with foreclosure filings for the quarter. Middlesex County was second, reporting 1,826 properties with foreclosure filings. Essex County was third, tallying 1,608 properties with foreclosure filings. Plymouth County was fourth highest, reporting 1,388 properties with foreclosure filings. Bristol County came in last for the state’s top five, reporting 1,237 properties with foreclosure filings for the quarter.

 

State contributes less than 1 percent to nation’s foreclosure total for the quarter

Less than 1 percent of 930,437 properties with foreclosure filings reported nationwide during the third quarter were located in Massachusetts. Total U.S. activity increased nearly 4 percent from the second quarter, but was down fractionally from the level reported for the third quarter 2009. One in every 139 U.S. housing units received a foreclosure filing during the quarter.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default Notice of Default (NOD) and Lis Pendens (LIS); Auction 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). If more than one foreclosure document is received for a property during the month, only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

Massachusetts Top Foreclosure Rates By County – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

n/a

n/a

Mass.

0

5,725

0

3,251

3,041

12,017

228

1

n/a

 

 

 

 

 

 

 

 

 

 

Plymouth

0

732

0

359

297

1,388

139

1.00

1.63

Worcester

0

915

0

433

586

1,934

164

0.85

1.39

Bristol

0

572

0

328

337

1,237

182

0.76

1.25

Essex

0

714

0

528

366

1,608

186

0.75

1.22

Hampden

0

410

0

249

251

910

209

0.66

1.09

 

 

Massachusetts Top Foreclosure Totals by County – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 10

% Chg Q3 09

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

3.90

-0.79

Mass.

0

5,725

0

3,251

3,041

12,017

228

-10.81

-5.31

 

 

 

 

 

 

 

 

 

 

Worcester

0

915

0

433

586

1,934

164

-9.75

-2.81

Middlesex

0

896

0

502

428

1,826

328

-6.79

-10.80

Essex

0

714

0

528

366

1,608

186

-8.64

-7.69

Plymouth

0

732

0

359

297

1,388

139

-6.53

11.67

Bristol

0

572

0

328

337

1,237

182

-10.10

9.96

 

 

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