Massachusetts Foreclosure Activity Rises in August

Statewide  filings up 75 percent from July

Foreclosure  filings — default notices, scheduled auctions and bank repossessions — rose in  Massachusetts, where 3,826 properties were reported in August, a 75 percent  increase from July, but 11 percent below the level reported for August 2010, according to the latest RealtyTrac®  U.S. Foreclosure Market Report.

Massachusetts  had the 17th highest foreclosure rate in the country with one in  every 718 housing units with a foreclosure filing in August.

Plymouth County posts top foreclosure rate in the  state for August
  One in every 420 housing  units in Plymouth County received a foreclosure filing in August — 1.4 times  the national average and 1.7 times the state average — the highest foreclosure  rate of all Massachusetts counties for the month. Hampden County had the second  highest rate of one in every 425 housing units with a foreclosure filing during  the month — 1.3 times the national average and 1.7 times the state average. Worcester  County had the third highest rate of one in every 489 housing units with a  foreclosure filing during the month — 1.2 times the national average and 1.5  times the state average.

Worcester County has top foreclosure total in  August
  Worcester County led all  counties, reporting 655 properties with foreclosure filings for the month. Middlesex  County was second highest, reporting 583 properties with foreclosure filings. Plymouth  County was third, reporting 462 properties with foreclosure filings. Fourth  highest was Hampden County, recording 450 properties with foreclosure filings. Essex  County was fifth tallying 435 properties with a foreclosure filing.

State a moderate contributor to total foreclosure  activity in August
  Massachusetts accounted  for 2 percent of the 228,098 properties with foreclosure filings reported  nationwide in August. Total U.S. activity increased by more than 7 percent from  July, but was down nearly 33 percent from the level reported in August 2010. One  in every 570 U.S. housing units received a foreclosure filing during the month.

“The big increase in new foreclosure actions may be  a signal that lenders are starting to push through some of the foreclosures  delayed by robo-signing and other documentation problems,” said James Saccacio,  chief executive officer of RealtyTrac. “It also foreshadows more bank  repossessions in the coming months as these new foreclosures make their way  through the process.”

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: DefaultNotice  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 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

40,765

38,115

63,347

21,058

64,813

228,098

570

n/a

n/a

Massachusetts

0

1,952

0

701

1,173

3,826

718

0.79

n/a

 

 

 

 

 

 

 

 

 

 

Plymouth

0

236

0

104

122

462

420

1.36

1.71

Hampden

0

178

0

59

213

450

425

1.34

1.69

Worcester

0

352

0

105

198

655

489

1.16

1.47

Bristol

0

182

0

72

78

332

680

0.84

1.06

Essex

0

221

0

109

105

435

689

0.83

1.04

 

 

      Massachusetts Top Foreclosure Totals by County – August 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg July 11

% Chg Aug 10

 

 

 

 

 

 

 

 

 

 

United States

40,765

38,115

63,347

21,058

64,813

228,098

570

7.21

-32.68

Massachusetts

0

1,952

0

701

1,173

3,826

718

74.62

-10.82

 

 

 

 

 

 

 

 

 

 

Worcester

0

352

0

105

198

655

489

70.57

-8.26

Middlesex

0

316

0

94

173

583

1,027

75.60

-8.62

Plymouth

0

236

0

104

122

462

420

114.88

-2.74

Hampden

0

178

0

59

213

450

425

200.00

57.34

Essex

0

221

0

109

105

435

689

67.31

-27.62

 

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