Massachusetts Foreclosures Flat in 2010

Foreclosure filings relatively unchanged from 2009

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 36,092 Massachusetts properties for 2010, down slightly from a year ago and 19 percent below the level reported for 2008, according to the RealtyTrac® Year-End 2010 U.S. Foreclosure Market Report™.

 

Foreclosure filings were reported on 1,639 Massachusetts properties in December 2010, a 27 percent decrease from November and 56 percent below the level reported in December 2009. One in every 1,669 Massachusetts housing units received a foreclosure filing during the month.

 

“Massachusetts foreclosure activity held relatively steady throughout 2010, though it remained well below the level reported in 2008,” said James J. Saccacio, chief executive officer of RealtyTrac. “Figuring into this trend is the state’s unemployment rate, which has remained relatively flat and allowed foreclosure activity to settle down a bit.”

 

One in every 76 Massachusetts housing units received a foreclosure filing in 2010, the 25th highest state foreclosure rate in the nation for the year.

 

Plymouth County posts state’s top foreclosure rate in 2010

Plymouth County posted the highest foreclosure rate in Massachusetts in 2010, with one in every 47 housing units receiving a foreclosure filing — 1.6 times the state average. Worcester County came in second, with one in every 54 housing units receiving a foreclosure filing in 2010 — 1.4 times the state average. The next highest was Bristol County, where one in every 63 housing units received a foreclosure filings during the year.

 

Worcester County led the state in foreclosure activity in 2010

Worcester County led the state, reporting 5,864 properties with foreclosure filings. Middlesex County had the second highest total, with 5,529 properties with foreclosure filings. Essex County was third highest, reporting 4,619 properties with foreclosure filings for the year. Plymouth County came in fourth, tallying 4,073 properties with foreclosure filings. Fifth highest total for the year was in Bristol County, where 3,565 properties with foreclosure filings were reported.

 

State a minor contributor to total foreclosure activity in 2010

Massachusetts accounted for 1 percent of the 2,871,891 properties with foreclosure filings reported nationwide for 2010. Total U.S. activity increased by almost 2 percent from 2009, and was more than 23 percent above the level reported in 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

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: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

n/a

n/a

Massachusetts

0

13,415

0

12,162

10,515

36,092

76

0.59

n/a

 

 

 

 

 

 

 

 

 

 

Plymouth

0

1,592

0

1,359

1,122

4,073

47

0.95

1.60

Worcester

0

2,309

0

1,525

2,030

5,864

54

0.83

1.40

Bristol

0

1,180

0

1,291

1,094

3,565

63

0.71

1.20

Essex

0

1,442

0

1,903

1,274

4,619

65

0.69

1.17

Hampden

0

980

0

914

924

2,818

67

0.67

1.12

 

 

Massachusetts Top Foreclosure Totals by County: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg 2009

% Chg 2008

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

1.67

23.23

Massachusetts

0

13,415

0

12,162

10,515

36,092

76

-0.07

-18.61

 

 

 

 

 

 

 

 

 

 

Worcester

0

2,309

0

1,525

2,030

5,864

54

6.79

-7.57

Middlesex

0

2,169

0

1,908

1,452

5,529

108

-8.14

-27.11

Essex

0

1,442

0

1,903

1,274

4,619

65

-9.38

-29.35

Plymouth

0

1,592

0

1,359

1,122

4,073

47

16.77

-2.04

Bristol

0

1,180

0

1,291

1,094

3,565

63

12.43

5.82

 

 

 

Massachusetts Top Foreclosure Rates By County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

n/a

n/a

Massachusetts

0

532

0

635

472

1,639

1,669

0.30

n/a

 

 

 

 

 

 

 

 

 

 

Plymouth

0

64

0

69

56

189

1,023

0.49

1.63

Bristol

0

59

0

71

55

185

1,217

0.41

1.37

Worcester

0

83

0

94

80

257

1,234

0.41

1.35

Essex

0

59

0

105

66

230

1,299

0.39

1.28

Hampden

0

53

0

53

35

141

1,347

0.37

1.24

 

 

Massachusetts Top Foreclosure Totals by County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 10

% Chg Dec 09

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

-1.75

-26.26

Massachusetts

0

532

0

635

472

1,639

1,669

-26.76

-56.23

 

 

 

 

 

 

 

 

 

 

Worcester

0

83

0

94

80

257

1,234

-31.47

-58.55

Middlesex

0

89

0

94

53

236

2,538

-25.79

-56.78

Essex

0

59

0

105

66

230

1,299

-13.53

-52.18

Plymouth

0

64

0

69

56

189

1,023

-27.31

-54.89

Bristol

0

59

0

71

55

185

1,217

-33.93

-51.32

 

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