Massachusetts Foreclosure Activity Up in Third Quarter

Filings up 16 percent from Q2 2011, down 31 percent from a year ago

Foreclosure filings — default  notices, scheduled auctions and bank repossessions — were reported on 8,255 Massachusetts properties  during the third quarter of 2011, up 16 percent from the second quarter of  2011, but 31 percent below the level reported for the same quarter last year, according to the latest RealtyTrac® U.S.  Foreclosure Market Report.

One in every 333 Massachusetts housing units had a  foreclosure filing during the quarter, the state posted the 22nd  highest foreclosure rate in the nation.

Foreclosure filings were reported  on 2,573 Massachusetts  properties in September, a 33 percent decrease from August and down 36 percent  from September 2010. One in every 1,068 Massachusetts  housing units had a foreclosure filing in September, the 29th  highest state foreclosure rate in the nation.

Plymouth County has top  foreclosure rate in the third quarter
  One in every 202 housing units in Plymouth    County  had a foreclosure filing during the third quarter of 2011 — 1.1 times the  national average and 1.7 times the state average. Worcester County had the second  highest rate with one in every 227 housing units reporting a foreclosure filing  — 1.5 times the state average. Hampden County  had the third highest rate, reporting one in every 240 housing units with a  foreclosure filing — 1.4 times the state average.

Worcester County leads  the state in foreclosure activity for third quarter
  Worcester County led all counties in total foreclosure activity,  reporting 1,415 properties with foreclosure filings during the quarter. Middlesex    County  was second highest, reporting 1,229 properties with foreclosure filings. Third  highest total was tallied in Essex County,  where 982 properties with foreclosure filings were reported. Reporting 962  properties with foreclosure filings for the quarter, Plymouth    County  registered the fourth highest total in the state. Fifth highest was Bristol    County,  where 843 properties with foreclosure filings were reported for the quarter.

State a minor contributor to  nation’s foreclosure total in the third quarter
  Massachusetts accounted for 1 percent of the 610,337 properties  with foreclosure filings reported nationwide for the third quarter of 2011.  Total U.S.  activity was up slightly from the second quarter of 2011, but was down 34  percent from the level reported for the same quarter in 2010. One in every 213 U.S.  housing units received a foreclosure filing during the quarter.

“U.S. foreclosure  activity has been mired down since October of last year, when the  robo-signing controversy sparked a flurry of  investigations into lender foreclosure procedures and paperwork,” said James Saccacio, chief executive officer of RealtyTrac. “While foreclosure activity in  September and the third quarter continued to register well below levels from a year ago, there is evidence that this temporary  downward trend is about to change  direction, with foreclosure activity slowly beginning to ramp back up.”
  “Third quarter foreclosure activity increased marginally from the previous quarter, breaking a  trend of three consecutive quarterly  decreases that started in the fourth quarter of 2010,” Saccacio continued. “This marginal increase in overall  foreclosure activity was fueled by  a 14 percent jump in new default notices, indicating that lenders are cautiously throwing more wood into the  foreclosure fireplace after spending months trying  to clear the chimney of sloppily filed foreclosures.”


Massachusetts Top Foreclosure Rates By County – Q3 2011

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

94,849

101,029

163,962

53,967

196,530

610,337

213

n/a

n/a

Massachusetts

0

3,661

0

1,924

2,670

8,255

333

0.64

n/a

 

 

 

 

 

 

 

 

 

 

Plymouth

0

449

0

220

293

962

202

1.05

1.65

Worcester

0

673

0

279

463

1,415

227

0.94

1.47

Hampden

0

322

0

164

311

797

240

0.89

1.39

Bristol

0

364

0

197

282

843

268

0.80

1.24

Essex

0

424

0

294

264

982

305

0.70

1.09


Massachusetts Top Foreclosure Totals by County – Q3 2011

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 11

% Chg Q3 10

 

 

 

 

 

 

 

 

 

 

United States

94,849

101,029

163,962

53,967

196,530

610,337

213

0.35

-34.40

Massachusetts

0

3,661

0

1,924

2,670

8,255

333

16.10

-31.31

 

 

 

 

 

 

 

 

 

 

Worcester

0

673

0

279

463

1,415

227

14.76

-26.84

Middlesex

0

561

0

275

393

1,229

487

9.05

-32.69

Essex

0

424

0

294

264

982

305

5.71

-38.93

Plymouth

0

449

0

220

293

962

202

17.03

-30.69

Bristol

0

364

0

197

282

843

268

26.58

-31.85

 

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