MASSACHUSETTS FORECLOSURES JUMPS 373 PERCENT IN SEPTEMBER

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Activity Up 14,316 Percent From a Year Ago

 

IRVINE, Calif. – Oct. 11, 2006 – Massachusetts reported 2,739 properties entering some stage of the foreclosure process, a 373 percent gain from the 579 properties reported in August, and a 14,316 percent increase from the 19 properties reported for the same month last year, according to the RealtyTrac™ September 2006 U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with nearly 650,000 properties from more than 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate, The Wall Street Journal’s Real Estate Journal and Knight Ridder Online.

 

“The sharp drop in home sales combined with a lower rate of price appreciation across most of Massachusetts’ metropolitan areas, has likely contributed to this latest spike in foreclosure activity,” said James J. Saccacio, chief executive officer of RealtyTrac.

 

Massachusetts ranked 15th in the country in total foreclosures reported for September. The state’s foreclosure rate of one new foreclosure filing for every 957 households — just above the national average — ranks it 14th among the 50 states.

 

Worcester County tops in foreclosure activity

Worcester County had the largest share of foreclosures in September, reporting 483 properties entering some stage of the foreclosure process. Middlesex County had the second highest total, reporting 397 properties entering some stage of foreclosure. Third highest total was in Essex County, reporting 325 properties in foreclosure, followed by Hampden County reporting 314 in the foreclosure pipeline.

 

Highest foreclosure rate reported in Hampden County

Hampden County posted the state’s highest foreclosure rate in September, with one new foreclosure filing for every 592 households — 1.6 times the state average and 1.7 times the national average. Reporting one new foreclosure filing for every 617 households — 1.6 times the state average and 1.7 times the national average — Worcester County had the second highest foreclosure rate in the state. Third highest rate was reported in Plymouth County with one new filing for every 698 households.

 

Massachusetts makes significant contribution to national total

Massachusetts’s foreclosure activity accounted for more than 2 percent of the 112,210 properties entering some stage of foreclosure nationwide in September. The national total represents an almost 1 percent decrease in activity from the 113,300 foreclosures reported in August. The national foreclosure rate increased to one new foreclosure filing for every 1,030 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 – September 2006

 

County Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

25,379

43,840

6,285

19,338

17,368

112,210

1,030

Massachusetts

1,619

1,112

0

0

8

2,739

957

1.08

 

 

 

 

 

 

 

 

 

 

Barnstable

82

47

0

0

0

129

1,140

0.90

0.84

Berkshire

23

29

0

0

0

52

1,275

0.81

0.75

Bristol

138

85

0

0

0

223

973

1.06

0.98

Dukes

4

0

0

0

0

4

3,709

0.28

0.26

Essex

204

119

0

0

2

325

884

1.17

1.08

Franklin

18

12

0

0

0

30

1,065

0.97

0.90

Hampden

185

128

0

0

1

314

592

1.74

1.62

Hampshire

24

21

0

0

0

45

1,303

0.79

0.73

Middlesex

225

172

0

0

0

397

1,453

0.71

0.66

Nantucket

1

1

0

0

0

2

4,605

0.22

0.21

Norfolk

123

62

0

0

1

186

1,372

0.75

0.70

Plymouth

167

91

0

0

2

260

698

1.48

1.37

Suffolk

174

115

0

0

0

289

1,012

1.02

0.95

Worcester

251

230

0

0

2

483

617

1.67

1.55

 

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

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