Massachusetts Foreclosures Fall in November

Foreclosure filings down 62 percent from October

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 2,238 Massachusetts properties in November, down 62 percent from the previous month and a 44 percent drop from the level reported in November 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  

 

Massachusetts foreclosures were down in November,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decrease was in auctions, which fell 72 percent for the month. The state’s unemployment rate remains below the national average, and its home values did not decline as far as most states during the past year. This, in addition to the robo-signing controversy that has lenders and servicers halting foreclosure processing in the short run, is likely driving the decline.”

Massachusetts ranked 26th in the nation in total foreclosures reported for the month. Its foreclosure rate of one in every 1,222 housing units receiving a foreclosure filing during the month, ranked it 36th among the 50 states.

Plymouth County achieves top foreclosure rate honors in November

Plymouth County posted the highest foreclosure rate in Massachusetts for November, with one in every 744 housing units receiving a foreclosure filing — 1.6 times the state average. Bristol County reported the second highest foreclosure rate, with one in every 804 housing units receiving a foreclosure filing for the month — 1.5 times the state average. Worcester County came in third, with one in every 846 housing units receiving a foreclosure filing — 1.4 times the state average.

 

Worcester County dominates state foreclosure activity in November

Foreclosure activity was heaviest in Worcester County, which reported 375 properties with foreclosure filings for the month. Middlesex County tallied the second highest foreclosure level, reporting 318 properties with foreclosure filings. Third highest total was in Bristol County, where 280 properties with foreclosure filings were reported. Fourth highest was Essex County, where 266 properties with foreclosure filings were reported. Plymouth County filled out the top five for the month, reporting 260 properties with foreclosure filings.

 

State contributes 1 percent to nation’s foreclosure total

Massachusetts accounted for 1 percent of the 262,339 properties with foreclosure filings reported nationwide in November. Total U.S. activity decreased by 21 percent from the previous month, and was down more than 14 percent from the level reported in November 2009. One in every 492 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 – November 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

39,529

39,426

86,079

29,877

67,428

262,339

492

n/a

n/a

Massachusetts.

0

1,171

0

671

396

2,238

1,222

0.40

n/a

 

 

 

 

 

 

 

 

 

 

Plymouth

0

132

0

83

45

260

744

0.66

1.64

Bristol

0

131

0

96

53

280

804

0.61

1.52

Worcester

0

207

0

99

69

375

846

0.58

1.45

Hampden

0

103

0

60

36

199

954

0.52

1.28

Essex

0

140

0

86

40

266

1,124

0.44

1.09

 

 

Massachusetts Top Foreclosure Totals by County – November 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Oct 10

% Chg Nov 09

 

 

 

 

 

 

 

 

 

 

United States

39,529

39,426

86,079

29,877

67,428

262,339

492

-21.02

-14.44

Massachusetts

0

1,171

0

671

396

2,238

1,222

-61.56

-44.12

 

 

 

 

 

 

 

 

 

 

Worcester

0

207

0

99

69

375

846

-57.77

-37.29

Middlesex

0

167

0

97

54

318

1,884

-64.19

-47.35

Bristol

0

131

0

96

53

280

804

-54.55

-33.17

Essex

0

140

0

86

40

266

1,124

-64.95

-51.28

Plymouth

0

132

0

83

45

260

744

-63.99

-44.33

 

 

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