Lawrence has highest concentration
By Tim Davis, May 8, 2009
Table 3 provides a snapshot of foreclosure petitions for 2007 and 2008. In 2007, Lawrence topped the list, with 50.4 units affected per 1,000 units, 3.8 times the statewide rate. Five of the top 20 communities were in Worcester County (Fitchburg, Winchendon, Athol, Worcester and Templeton), with three each in Essex Country (Lynn, Lawrence and Haverhill) and Plymouth County (Brockton, Carver and Whitman).
From 2007 to 2008, statewide foreclosure petition activity declined 25 percent, largely due to the May 1, 2008 implementation of the 90-day right-to-cure period. The immediate effect of the law was a 77 percent decline in petitions from May to July 2008 compared to May to July 2007. Once the first 90-day period ended, petitions increased, although not to the same level as before, as there were 33 percent fewer petitions in December 2008 to February 2009 than in December 2007 to February 2008.
Given this, petition foreclosure rates decreased in 2008 for many communities in the top 20 as well as for the state as a whole. In 2008, Lawrence remained at the top of the list, despite a 25 percent decline in foreclosure petitions. Petition activity declined in 15 of the municipalities, with the biggest declines in Fitchburg (-38 percent), Winchendon (-37 percent), Mashpee (-36 percent) and in Brockton and Springfield (both down 34 percent). Petition activity remained unchanged in Everett, but increased in Marlborough (19 percent), North Brookfield (24 percent), Douglas (5 percent) and Framingham (16 percent).
While South Shore suburbs such as Carver, Holbrook and Whitman are no longer in the top 20, additional Worcester County towns appear in the list, with seven communities (Fitchburg, Athol, North Brookfield, Winchendon, Worcester, Douglas and Southbridge). Framingham and Marlborough appear on the list, and with Lowell and Everett, bring to four the number of Middlesex County communities in the top 20.
Foreclosures by zip code
A break-down by zip code (table 4, above) clarifies foreclosure geography and allows for neighborhood analysis. All of the top 20 zip codes with the greatest foreclosure petitions rates, except Ashby, are in dense, urban areas. Lawrence's 01841 continues to lead the list, despite a 22 percent decline in petitions from 2007 to 2008.
While 18 of the 20 zip codes saw a decline in petitions, zip codes in Springfield's 01108 and 01109 declined 37 percent and declines were less in Everett's 02149 (-2 percent), Chelsea's 02150 (-4 percent), Lynn's 01905 (-5 percent) and Lynn's 01902 (-8 percent).
Foreclosures by census blocks (200-400 units)
As reported in the last Monitor, a neighborhood analysis based on census block groups reveals that Lawrence continues to dominate the top 20, with eight block groups, down from 11 at the end of the Q3 2008. Springfield, dropped from four block groups to one. Worcester and Brockton both contain three block groups, up from one each, and a Framingham block group makes its first appearance in the list.
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Brockton, Lawrence top distressed property list
ByTim Davis,July 31, 2009
In previous editions of Foreclosure Monitor, trends in foreclosure petition filings have been used to measure the level of distress in Massachusetts communities. With the creation of the new CHAPA/Warren Group distressed property database, it is now possible to get a snap-shot of the total number of distressed properties and units in a community, whether the property has had a foreclosure petition filed, an auction scheduled, or has been foreclosed and taken back by the bank (these are known as "REO" or "real estate owned" properties).
Given the large number of multi-family properties in Massachusetts, it is important to measure the number of units, rather than the number of properties affected by foreclosure. The below data reflects snapshots of distress in municipalities, zip codes, and census tracts across Massachusetts at the beginning of each of the last four quarters: October 2008, January 2009, April 2009 and July 2009.
Beloware snap shot looks at the top 20 hardest-hit areas by community, zip and census tract.
Distressed Units by Municipality
The chart above shows that Brockton and Lawrence had the highest level of distressed units in Massachusetts at the beginning of July. Both of these cities have had a slight decline in distress (-1 percent and -13 percent, respectively) since the beginning of October 2008. Five other cities in the top 20 (Chelsea, Fitchburg, Everett, North Brookfield and Warren) have seen declines in the level of distress.
Substantial increases in foreclosure distress can be found in Barre (52 percent), Oak Bluffs (36 percent), Wareham (31 percent) and Winchendon (29 percent). Given the small size of these communities, a relatively small number of foreclosures can dramatically increase the rate of distress. Statewide, there was a nine percent increase in the number of distressed units.
Eight of top 20 cities and towns are located in Worcester County: Athol, Barre, Fitchburg, Leicester, North Brookfield, Warren, Winchendon and Worcester. Three of the top 20 are located in Essex County (Lawrence, Lynn and Haverhill), two each are located in Suffolk County (Chelsea and Revere), Middlesex County (Everett and Marlborough) and Plymouth County (Brockton and Wareham). One each are located in Dukes County (Oak Bluffs) and Hampden County (Springfield).
Distressed Units by Zip Code
A break-down by zip codes clarifies foreclosure geography and allows for neighborhood analysis, particularly in Boston. Except for Templeton, all of the top 20 zip codes in terms of distressed units are located in dense, urban areas. As has been the true for some time, Lawrence's 01841 remains the most distressed zip code in Massachusetts, despite a 14 percent decline in the number of distressed units from October 2008 to July 2009. Seven other zip codes experienced smaller declines in distressed units.
The largest increases in the rate of distressed units from October to July were in Worcester's 01603 (14 percent), Springfield's 01108 (15 percent) and Revere's 02151 (17 percent).
Six of the top 20 zip codes are located in Boston (Dorchester, Mattapan and Roxbury), with three in Springfield and two each in Brockton, Lynn and Worcester.
Distressed units by census tract
While the number of housing units in a zip code can range from dozens to more than 20,000, the number of units in a census tract generally ranges from a 1,000 to 3,000, providing a smaller area for analysis of foreclosures. At the census tract level, three Brockton tracts are in the top 20, including the top two. Boston tracts occupy six of the top 20 tracts, closely followed by Lynn, with four tracts. Lawrence has three tracts in the top 20, followed by Worcester and with two each.
The level of distress increased in 12 tracts from October to July, with Brockton's 510400 up 28 percent to 102 units per thousand (102 percent of all units).
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Data showsregional shift in foreclosure intensity
By Tim H. Davis,Oct. 21, 2009
Each quarter, MHP analyzes Warren Group foreclosure data to track the total number of housing units currently affected by foreclosure. This includes units in properties where a foreclosure petition has been filed, an auction has been scheduled, or has been foreclosed and taken back by the bank (these are known as "REO" or "real estate owned" properties).
Given the large number of multi-family properties in Massachusetts, it is important to measure the number of units, rather than the number of properties affected by foreclosure. The below data reflects snapshots of distress in municipalities, zip codes, and census tracts across Massachusetts at the beginning of October 2008, April 2009 and October 2009.
Distressed units by municipality:Subtle shift to Cape, Worcester County towns
From October 2008 to October 2009, the number of distressed units in Massachusetts increased 9.2 percent. The number of distressed units depends on both new foreclosure activity and the rate at which lenders sell properties to new homeowners.
In a long established pattern, Lawrence, Brockton and Lynn had the highest level of distressed units in Massachusetts at the beginning of October. All three cities had a decline in distress (-14 percent, -5 percent and -2 percent respectively) since October 2008. The decline in Lawrence is the most promising. The remainder of the top 20 includes only two other cities with a decline (-8 percent in Chelsea and -22 percent in Everett). While these declines are promising for these hard hit communities, the story is different elsewhere.
Of the top 20 municipalities, 15 had an increase in the number of distressed units. There were notable increases in the smaller municipalities of Mashpee (36 percent), Wareham (34 percent), Winchendon (30 percent), Oak Bluffs (29 percent), Randolph (23 percent) and Leicester (23 percent). Given the small size of these communities, a relatively small number of foreclosures can dramatically increase the rate of distress.
Six of the top 20 cities and towns are located in Worcester County: Athol, Fitchburg, Leicester, North Brookfield, Winchendon and Worcester. Three each are located in Middlesex County (Everett, Lowell and Marlborough) and Plymouth County (Brockton, Carver and Wareham). Two each are located in Essex County (Lawrence and Lynn) and Suffolk County (Chelsea and Revere). One each are located in Barnstable County (Mashpee), Dukes County (Oak Bluffs), Hampden County (Springfield) and Norfolk County (Randolph).
Distressed units by zip code: Dense urban areas are trouble spots
A break-down by zip codes clarifies foreclosure geography and allows for neighborhood analysis, particularly in Boston. Except for Wareham and Templeton, all of the top 20 zip codes in terms of distressed units are located in dense, urban areas. As has been true for some time, Lawrence's 01841 remains the most distressed zip code in Massachusetts, despite a 15 percent decline in the number of distressed units from October 2008 to October 2009. Eleven other zip codes experienced smaller declines in distressed units.
The largest increases in the rate of distressed units from October 2008 to October 2009 were in Wareham's 02538 (16 percent), Springfield's 01108 (15 percent) and Lowell's 01850 (12 percent).
Four of the top 20 zip codes are located in Boston (Dorchester and Mattapan), with three each in Springfield and Worcester, and two each in Brockton, Lawrence, and Lynn. Zip codes in Fitchburg, Lowell and Wareham are new to the top 20 list, replacing zip codes from Dorchester, Revere and Roxbury.
Distressed units by census tracts: Brockton shows high concentrations
While the number of housing units in a zip code can range from dozens to more than 20,000, the number of units in a census tract generally ranges from a 1,000 to 3,000, providing a smaller area for analysis of foreclosures. At the census tract level, four Brockton tracts are in the top 20 (up from three in July), including the top two. Boston tracts in Dorchester, Mattapan and Roxbury occupy six of the top 20 tracts. Lawrence and Springfield each have three tracts in the top 20, followed by Lynn and Worcester with two each.
The level of distress increased in 8 tracts from October 2008 to October 2009, with Springfield's 802601 up 32 percent to 61 units per thousand (6 percent of all units). While there were notable declines in certain Brockton and Dorchester census tracts, there were also increases in other parts of these communities.
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Little improvement in hard-hit areas
By Tim H. Davis, Jan. 20, 2010
Each quarter,MHP analyzes foreclosure data to track the total number of housing units currently affected by foreclosure. This includes units in properties where a foreclosure petition has been filed, an auction has been scheduled, or has been foreclosed and taken back by the bank (known as "REO" or "real estate owned" properties).
Given the large number of multi-family properties in Massachusetts, it is important to measure the number of units, rather than the number of properties affected by foreclosure. The below data reflects snapshots of distress in municipalities, zip codes, and census tracts across Massachusetts at the beginning of January 2009 and January 2010.
Municipalities: Distressed units up; jobs, slow property turnover likely culprits
From January 2009 to January 2010, for Massachusetts as a whole, the number of distressed units increased from 31,995 to 39,752, a 24 percent increase. For every 1,000 units in Massachusetts, 15.7 were distressed as of January 1, 2010. The number of distressed units depends on both new foreclosure activity and the rate at which lenders sell properties to new homeowners.
Over the last year, the top five municipalities have not changed positions, with Lawrence continuing to top the list. If there is any good news, it is that Lawrence had a slight (-0.4 percent) drop in the number of distressed units over the last year, despite further deterioration in the overall economy.
All of the other 19 cities experienced increases. In October 2009, the Foreclosure Monitor reported that the year-over-year level of distress has fallen in five cities. A return to deteriorating conditions is likely tied to increased unemployment, and the slow turn-over of bank-owned properties.
Of those with an increase, the increases were smaller in Brockton (6.2 percent), Springfield (9.6 percent) and Chelsea (10.2 percent).The biggest increases were found in Oak Bluffs (69 percent), Wareham (65.9 percent) and Mashpee (60.9 percent). Boston falls well below the top 20, with a distressed rate of 17.6 units per thousand, a nine percent increase since January 2009.
Six of the top 20 cities and towns are located in Worcester County: Athol, Fitchburg, Leicester, North Brookfield, Winchendon and Worcester. Three each are located in Plymouth County (Brockton, Carver and Wareham) and Essex County (Haverhill, Lawrence and Lynn). Two each are located in Middlesex County (Lowell and Marlborough) and Suffolk County (Chelsea and Revere). One each are located in Barnstable County (Mashpee), Dukes County (Oak Bluffs), Hampden County (Springfield) and Norfolk County (Randolph).
Zip codes: Shows urban trouble spots
A break-down by zip codes clarifies foreclosure geography and allows for neighborhood analysis, particularly in Boston. Except for Wareham and Templeton, all of the top 20 zip codes in terms of distressed units are located in dense, urban areas.
As has been true for some time, Lawrence's 01841 remains the most distressed zip code in Massachusetts, despite a four percent decline in the number of distressed units from January 2009 to January 2010.
Only two other zip codes (-2 percent in Mattapan's 02126 and -3 percent in Dorchester's 02121) saw a decline in distressed units. In October 2009, 12 zip codes had year-over-year declines in the level of distress. As with the municipal data, this represents a step back from the improvements seen during mid-2009.
The largest increases in the rate of distressed units from January 2009 to January 2010 were in Wareham's 02538 (67 percent) and 02571 (66 percent), as well as Worcester's 01603 (30 percent). Of the top 20 zip codes, these were the only three with increases greater than the state as whole (24 percent).
Four of the top 20 zip codes are located in Boston (Dorchester and Mattapan), with three in Worcester, and two each in Brockton, Lawrence, Lynn, Springfield and Wareham. The new addition to the top 20 list since October 2009 is Wareham's 02571, replacing Springfield's 01104.
Census tract: Data shows recovery is slow
While the number of housing units in a zip code can range from dozens to more than 20,000, the number of units in a census tract generally ranges from a 1,000 to 3,000, providing a smaller area for analysis of foreclosure distress.
At the census tract level, five Brockton tracts are in the top 20 (up from four in October 2009 and three in July 2009). Boston tracts in Dorchester and Roxbury, occupy five of the top 20 tracts. A tract in Boston's Mattapan neighborhood fell from the top 20 list this quarter. Lawrence, Lynn and Springfield each have three tracts in the top 20, with the remaining tract in Worcester.
In October, the Foreclosure Monitor reported that the level of distress had improved in 12 of the top 20 census tracts. This quarter, there were year-over-year improvements in only five, with the biggest decline in Brockton's 511500 (-24 percent). From January 2009 to January 2010, the biggest increase in distress within the top 20 was in Lynn's 206500 (38 percent).