Massachusetts Reports Increased Foreclosure Activity in April

Statewide foreclosure filings up 40 percent for month; down 50 percent from April 2010

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 2,987 Massachusetts properties in April, up 40 percent from March, but 50 percent below the level reported for April 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

One in every 920 Massachusetts housing units received a foreclosure filing in April, the nation’s 26th highest foreclosure rate. Though signs of recovery are visible, the state’s economy remains fragile and its housing market relatively stagnant.

 

Plymouth County top in foreclosure rate for April

Plymouth County posted the highest foreclosure rate of all Massachusetts counties in April, with one in every 571 housing units receiving a foreclosure filing — 1.6 times the state average. Worcester County posted the second highest foreclosure rate, where one in every 609 housing units received a foreclosure filing during the month. Hampden County came in third, with one in every 711 housing units receiving a foreclosure filing during the month.

 

Worcester County led the state in foreclosure activity in April

Worchester County led all counties in foreclosure activity, reporting 526 properties with foreclosure filings for the month. Middlesex County was second highest, reporting 442 properties with foreclosure filings. Third highest in the state was Essex County, where 379 properties with foreclosure filings were reported. Plymouth County was fourth highest, tallying 340 properties with foreclosure filings. Hampden County came in fifth, reporting 269 properties with foreclosure filings.

 

State a minor contributor to nation’s foreclosure crisis in April

Massachusetts accounted for 1 percent of the 219,258 properties with foreclosure filings reported nationwide in April. Total U.S. activity decreased by nearly 9 percent from March, and was down 34 percent from the level reported in April 2010. One in every 593 U.S. housing units received a foreclosure filing during the month.

 

“Foreclosure activity decreased on an annual basis for the seventh straight month in April, bringing foreclosure activity to a 40-month low,” said James J. Saccacio, chief executive officer of RealtyTrac. “This slowdown continues to be largely the result of massive delays in processing foreclosures rather than the result of a housing recovery that is lifting people out of foreclosure.

 

“The first delay occurs between delinquency and foreclosure, when lenders and services are no longer automatically pushing loans that are more than 90 days delinquent into foreclosure but are waiting longer to allow for loan modifications, short sales and possibly other disposition alternatives,” Saccacio continued. “Data from the Mortgage Bankers Association shows that about 3.7 million properties are in this seriously delinquent stage. The second delay occurs after foreclosure has started, when lenders are taking much longer than they were just a few years ago to complete the foreclosure process.”

 

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 – April 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

31,684

31,738

65,898

20,406

69,532

219,258

593

n/a

n/a

Massachusetts

0

1,215

0

1,211

561

2,987

920

0.64

n/a

 

 

 

 

 

 

 

 

 

 

Plymouth

0

159

0

103

78

340

571

1.04

1.61

Worcester

0

210

0

189

127

526

609

0.97

1.51

Hampden

0

118

0

136

15

269

711

0.83

1.29

Essex

0

113

0

193

73

379

790

0.75

1.16

Franklin

0

20

0

13

8

41

814

0.73

1.13

 

 

Massachusetts Top Foreclosure Totals by County – April 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Mar 11

% Chg Apr 10

 

 

 

 

 

 

 

 

 

 

United States

31,684

31,738

65,898

20,406

69,532

219,258

593

-8.56

-34.32

Massachusetts

0

1,215

0

1,211

561

2,987

920

40.10

-49.87

 

 

 

 

 

 

 

 

 

 

Worcester

0

210

0

189

127

526

609

49.43

-42.95

Middlesex

0

179

0

159

104

442

1,354

50.34

-48.60

Essex

0

113

0

193

73

379

790

48.63

-51.66

Plymouth

0

159

0

103

78

340

571

30.77

-48.80

Hampden

0

118

0

136

15

269

711

25.70

-42.40

 

 

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