Massachusetts Foreclosure Activity Falls in August

Filings decrease one percent from July

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 4,290 Massachusetts properties in August, a one percent decrease from the previous month and a 27 percent decrease from August 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  

 

“Massachusetts reported a drop in foreclosure filings in August, bringing activity to well below the level reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Closely associated with this improvement is the state’s recent job growth, with 2,100 jobs added in August and an unemployment rate drop down to 8.8 percent.”

 

The state reported the 21st highest state foreclosure rate, as one in every 638 Massachusetts housing units received a foreclosure filing during the month.

 

Plymouth County leads the state in foreclosure rate for August

Plymouth County, where one in every 407 housing units received a foreclosure filing during the month, posted the top foreclosure rate in Massachusetts. One in every 444 housing units received a foreclosure filing in Worcester County, for the second highest rate in the state. Coming in third was Essex County, where one in every 497 housing units received a foreclosure filing in August. Fourth highest was Bristol County, where one in every 502 housing units received a foreclosure filing. Nantucket County came in fifth, with one in every 569 housing units receiving a foreclosure filing during the month.

 

Worcester posts County top foreclosure total for August

Worcester County led Massachusetts in total foreclosure activity for August, reporting 714 properties with foreclosure filings. Middlesex County documented the second highest foreclosure activity, where 638 properties with foreclosure filings were reported. Essex County came in third, tallying 601 properties with foreclosure filings. Fourth highest was Plymouth County, where 475 properties with foreclosure filings were reported. Bristol County came in fifth, reporting 449 properties with foreclosure filings for the month.

 

State a minor contributor to nation’s monthly foreclosure total

Massachusetts accounted for 1 percent of the 338,836 properties with foreclosure filings reported nationwide in August. Total U.S. activity increased by more than 4 percent from the previous month, but was down more than 5 percent from the level reported in August 2009. One in every 381 U.S. housing units received a foreclosure filing during the month.

 

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 – August 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

44,887

51,582

95,887

51,116

95,364

338,836

381

n/a

n/a

Massachusetts

0

2,241

0

1,038

1,011

4,290

638

0.60

n/a

 

 

 

 

 

 

 

 

 

 

Plymouth

0

287

0

91

97

475

407

0.94

1.57

Worcester

0

360

0

139

215

714

444

0.86

1.44

Essex

0

292

0

183

126

601

497

0.77

1.28

Bristol

0

225

0

112

112

449

502

0.76

1.27

Nantucket

0

10

0

7

2

19

569

0.67

1.12

 

 

Massachusetts Top Foreclosure Totals by County – August 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 10

% Chg July 09

 

 

 

 

 

 

 

 

 

 

United States

44,887

51,582

95,887

51,116

95,364

338,836

381

4.18

-5.48

Massachusetts

0

2,241

0

1,038

1,011

4,290

638

-0.88

-27.41

 

 

 

 

 

 

 

 

 

 

Worcester

0

360

0

139

215

714

444

4.85

-19.59

Middlesex

0

356

0

151

131

638

939

-1.54

-34.96

Essex

0

292

0

183

126

601

497

11.92

-19.76

Plymouth

0

287

0

91

97

475

407

-13.48

-21.88

Bristol

0

225

0

112

112

449

502

2.98

-7.23

 

 

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