MASSACHUSETTS FORECLOSURES INCREASE 54 PERCENT IN NOVEMBER

State’s Activity Level Up 299 Percent From a Year Ago

 

IRVINE, Calif. – Dec. 11, 2006 – Massachusetts reported 2,100 properties entering some stage of the foreclosure process in November, a 54 percent increase from the 1,367 properties reported in October, and a 299 percent jump from the 526 properties reported for the same month last year, according to the RealtyTrac™ U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with nearly 700,000 properties from more than 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.

 

“The sharp drop in home sales and lower price appreciation across most of the Massachusetts’ metropolitan areas has likely contributed to the state’s rapidly increasing rise in foreclosures,” said James J. Saccacio, chief executive officer of RealtyTrac.

 

Massachusetts ranked 16th in the country in total foreclosures reported for November. The state’s foreclosure rate of one new foreclosure filing for every 1,249 households — 0.77 times the national average — ranks it 16th among the 50 states.

 

Worcester County leads state in activity

Leading the state in foreclosure activity for the month was Worcester County, reporting 336 properties entering some stage of the foreclosure process. Middlesex County had the second highest total, reporting 302 properties in some stage of the foreclosure process for the month, followed by Essex County with 286 properties entering some state of the foreclosure process.

 

Hampden County posts state’s top foreclosure rate

Hampden County posted the top foreclosure rate in the state for November, reporting one new foreclosure filing for every 709 households — 1.8 times the state average and 1.4 times the national average. Next highest was Plymouth County reporting one new foreclosure filing for every 881 households — 1.4 times the state average and 1.1 times the national average. The third highest rate in the state was found in Worcester County, which reported one new foreclosure filing for every 887 households — 1.4 times the state average and 1.1 times the national average.

 

State total has little impact on national total

Massachusetts’s foreclosure activity accounted for 1.7 percent of the 120,334 properties entering some stage of foreclosure nationwide in November. The national total represents a 4 percent increase from the 115,568 foreclosures reported in October. The nation’s foreclosure rate increased to one new foreclosure filing for every 961 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).

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

                   Massachusetts Foreclosure Market by County – November 2006

 

County Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

31,027

44,448

5,685

16,263

22,911

120,334

961

n/a

n/a

Massachusetts

1,666

434

0

0

0

2,100

1,249

0.77

n/a

 

 

 

 

 

 

 

 

 

 

Barnstable

73

12

0

0

0

85

1,730

0.55

0.72

Berkshire

21

10

0

0

0

31

2,139

0.44

0.58

Bristol

150

57

0

0

0

207

1,048

0.91

1.19

Dukes

2

0

0

0

0

2

7,418

0.13

0.16

Essex

224

62

0

0

0

286

1,004

0.95

1.24

Franklin

18

0

0

0

0

18

1,774

0.54

0.70

Hampden

159

103

0

0

0

262

709

1.35

1.76

Hampshire

12

8

0

0

0

20

2,932

0.32

0.42

Middlesex

238

64

0

0

0

302

1,910

0.50

0.65

Nantucket

2

0

0

0

0

2

4,605

0.20

0.27

Norfolk

126

31

0

0

0

157

1,625

0.59

0.76

Plymouth

200

6

0

0

0

206

881

1.09

1.41

Suffolk

178

8

0

0

0

186

1,573

0.61

0.79

Worcester

263

73

0

0

0

336

887

1.08

1.40

 

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.

 

###

 

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved