MASSACHUSETTS FORECLOSURES DOWN 50 PERCENT IN OCTOBER

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

State Activity Level Up 61 Percent From a Year Ago

 

IRVINE, Calif. – Nov. 10, 2006 – Massachusetts reported 1,367 properties entering some stage of the foreclosure process in October, a 50 percent decrease from the 2,739 properties reported in September, but still 61 percent above the 850 properties reported for the same month last year, according to the RealtyTrac™ October 2006 U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 700,000 properties from nearly 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

“After reaching a yearly high in September, Massachusetts foreclosures appear to be heading back downward,” said James J. Saccacio, chief executive officer of RealtyTrac. “Even so, the numbers are still more than 50 percent higher than they were this time last year. Statistics show that the state’s home sales have fallen sharply this year. This is undoubtedly contributing to the rise in foreclosures.”

 

Massachusetts ranked 19th in the country in total foreclosures reported for October. The state’s foreclosure rate of one new foreclosure filing for every 1,918 households — half the national average — ranks it 22nd among the 50 states.

 

Middlesex, Worcester, Hampden counties account for largest share of state total

Middlesex, Worcester and Hampden foreclosure total combined accounted for 49 percent of the state foreclosure total in October. Middlsex County led the state, reporting 235 properties entering some stage of the foreclosure process. Worcester County had the second highest total, reporting 221 properties in some stage of the foreclosure process, followed by Hampden County where 210 properties entered the foreclosure pipeline. 

 

Hampden County posts state’s top foreclosure rate

Hampden County posted the top foreclosure rate in the state for October, reporting one new foreclosure filing for every 885 households — 2.2 times the state average and 1.1 times the national average. Next highest foreclosure rate was found in Worcester County, reporting one new foreclosure filing for every 1,349 households — 1.4 times the state average. Bristol County had the state’s third highest rate at one new foreclosure filing for every 1,695 households — 1.1 times the state average.

 

State make minor contribution to national total

Massachusetts’ foreclosure activity accounted for little more than 1 percent of the 115,568 properties entering some stage of foreclosure nationwide in October. The national total represents a 3 percent increase from the 112,210 foreclosures reported in September. The nation’s foreclosure rate increased to one new foreclosure filing for every 1,001 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 – October 2006

 

County Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

 /National   Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

27,731

42,375

5,799

18,895

20,768

115,568

1,001

n/a

n/a

Massachusetts

728

637

0

0

2

1,367

1,918

0.52

n/a

 

 

 

 

 

 

 

 

 

 

Barnstable

39

31

0

0

0

70

2,101

0.48

0.91

Berkshire

10

5

0

0

0

15

4,420

0.23

0.43

Bristol

75

53

0

0

0

128

1,695

0.59

1.13

Dukes

4

0

0

0

0

4

3,709

0.27

0.52

Essex

86

46

0

0

0

132

2,175

0.46

0.88

Franklin

7

3

0

0

0

10

3,194

0.31

0.60

Hampden

75

135

0

0

0

210

885

1.13

2.17

Hampshire

3

12

0

0

0

15

3,910

0.26

0.49

Middlesex

115

119

0

0

1

235

2,454

0.41

0.78

Norfolk

44

46

0

0

0

90

2,835

0.35

0.68

Plymouth

77

26

0

0

0

103

1,762

0.57

1.09

Suffolk

90

44

0

0

0

134

2,183

0.46

0.88

Worcester

103

117

0

0

1

221

1,349

0.74

1.42

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest-growing private companies, 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 MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal. 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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