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Home Foreclosures in the Pioneer Valley
Prepared by the Pioneer Valley Planning CommissionRegional Information & Policy Center
July 1, 2010
Summary of Key Findings
Foreclosure Rate Comparison
In 2008, the Pioneer Valley region’s foreclosure rate was situated well above the Commonwealth’s rate.
0.46%
0.29%
0.79%
0.00%
0.10%
0.20%
0.30%
0.40%
0.50%
0.60%
0.70%
0.80%
0.90%
Geography
Fore
clos
ure
Rat
e
Pioneer Valley Region MA U.S.
Geographic distribution of foreclosures showed a trend of high concentration of foreclosures within urban core communities.
Foreclosure Density in the Pioneer Valley Region
Municipality Rankings by Foreclosure RateMunicipality Rankings by Foreclosure Rate
Rank Geography
2008 Fore-clos-ures
Population# of
Housing Units
2008 Foreclosure
Rate
Pioneer Valley Region 1136 608479 244,520 0.46
Hampden County 1039 456228 185,876 0.56
Hampshire County 97 152251 58,644 0.17
1 Springfield 670 152,082 61,172 1.10
2 Chester 5 1,308 580 0.86
3 Palmer 38 12,497 5,402 0.70
4 Brimfield 9 3,339 1,396 0.64
5 Plainfield 2 589 311 0.64
6 Blandford 3 1,214 526 0.57
7 Pelham 3 1,403 556 0.54
8 Huntington 5 2,174 935 0.53
9 Ware 23 9,707 4,336 0.53
10 Granville 3 1,521 595 0.50
11 Monson 13 8,359 3,213 0.40
12 Montgomery 1 654 257 0.39
13 Chesterfield 2 1,201 524 0.38
14 Holland 5 2,407 1,317 0.38
15 Wales 3 1,737 796 0.38
16 Goshen 2 921 536 0.37
17 Holyoke 51 39,838 16,210 0.31
18 Southwick 11 8,835 3,533 0.31
19 Chicopee 75 54,653 24,424 0.31
20 West Springfield 37 27,899 12,259 0.30
21 Belchertown 14 12,968 5,050 0.28
22 Westfield 40 40,072 15,441 0.26
23 Wilbraham 13 13,473 5,048 0.26
24 Agawam 29 28,144 11,659 0.25
25 East Longmeadow 12 14,100 5,363 0.22
26 Cummington 1 978 452 0.22
27 South Hadley 15 17,196 6,784 0.22
28 Williamsburg 2 2,427 1,073 0.19
29 Granby 4 6,132 2,295 0.17
30 Russell 1 1,657 641 0.16
31 Ludlow 11 21,209 7,841 0.14
32 Hatfield 2 3,249 1,431 0.14
33 Longmeadow 7 15,633 5,879 0.12
34Middlefield/Worthington** 1 1,812 845 0.12
35
36 Hampden Town 2 5,171 1,846 0.11
37 Southampton 2 5,387 2,025 0.10
38 Northampton 11 28,978 12,405 0.09
39 Easthampton 4 15,994 7,083 0.06
40 Amherst 4 34,874 9,427 0.04
41 Tolland 0 426 478 0.00
42 Westhampton 0 4,793 1,953 0.00
43 Hadley 0 1,468 623 0.00
Foreclosure Rate Comparison:A Closer Look at the Urban Core
• When the foreclosure rate is calculated for the PV region’s urban corealone, the rate far exceeds that of the nation as a whole.• When the urban core is excluded, the foreclosure rate for the PV region is0.25%, below the rate for the state.
0.93%
0.29%
0.79%
0.25%
0.46%
0.00%
0.10%
0.20%
0.30%
0.40%
0.50%
0.60%
0.70%
0.80%
0.90%
1.00%
Pioneer ValleyRegion Overall
Urban Core Only Pioneer ValleyRegion Without
Urban Core
Massachusetts United States
Fo
recl
osu
re R
ate
Distribution of Pioneer Valley Region Foreclosures
Springfield, 59%
Holyoke, 4%
Remainder of Region, 37%
Urban Core, 63%
Springfield and Holyoke account for just under of the PV region’spopulation but nearly of foreclosures in 2008.
Distribution of Pioneer Valley Region Block Groups by Foreclosure Rate Category
6.2%
12.9%
16.9%
19.6%
17.8%
26.7%
Zero Foreclosures
Very Low
Low
Moderate
High
Very High
• Wide range of difference among the block groups.• Of the 450 block groups in the Pioneer Valley region, 76% were ranked below the national foreclosure rate of 0.79 percent.
0.26%
0.36%
0.63%
1.17%
0.76%
0.00%
0.20%
0.40%
0.60%
0.80%
1.00%
1.20%
1.40%
Housing Unit Density
Fo
recl
osu
re R
ate
Very Low Density Low Density Medium Density High Density Very High Density
Foreclosure Rate by Unit Density
Block groups with higher density of housing units per square milegenerally had a higher foreclosure rate.
11.98%9.71% 10.21%
13.77%
23.97%
27.62%
0%
5%
10%
15%
20%
25%
30%
Foreclosure Rate Category
Pe
rce
nt
of
Re
sid
en
ts L
ivin
g B
elo
w
Po
ve
rty
Lin
e
Zero Very Low Low Moderate High Very High
Percent Residents Living Below Poverty Line by Foreclosure Rate Category
Block groups falling into the moderate, high, and very high foreclosurerate categories all had higher percentages of residents living below thepoverty line.
4.4% 4.7% 4.9% 6.2% 7.5% 9.2%
58.1%63.8% 58.1%
47.3%38.2%
37.5%31.6% 27.9%
35.8%45.2%
52.6%
67.2%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Zero Very Low Low Moderate High Very High
Foreclosure Rate Category
Per
cen
t o
f A
ll
Ho
usi
ng
Un
its
% Renter OccupiedUnits
% Owner OccupiedUnits
% Vacant Units
Housing Comparison Among Foreclosure Rate Categories
The categories with lower foreclosure rates had relatively fewer vacantunits, more owner occupancy, and generally less renter occupancy.
84%89%
84%78%
53%
31%
5%
19%
28%
8%6% 10% 14%
24%
34%
3% 3% 3% 4% 7%
2%3% 3%
5%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Zero Very Low Low Moderate High Very High
Foreclosure Rate Category
Pe
rce
nt
of
All
Re
sid
en
ts i
n C
ate
go
ry
Other
Hispanic
Black
White
Racial Distribution Among Foreclosure Rate Categories
Block groups with lower rates of foreclosure had significantly higherpercentages of white residents.
2008 in Context of Historical Trends
Thus far, 2008 has been the height of the current foreclosure crisis in the Pioneer Valley region, reaching a peak nearly 54% higher than the previous high point in 1997.
Number of Foreclosures in the Pioneer Valley Region
0
200
400
600
800
1000
1200
1996 1997 1998 1999 2000 2001 2002 2003 2006 2007 2008 2009
Year
Nu
mb
er o
f F
ore
clo
sure
s
Municipality Rankings by Foreclosure Rate
Rank
Geography Population2007
Foreclosure Rate
2008 Foreclosure
Rate
2009 Foreclosure
Rate
% Change from 2007 to 2008
% Change from 2008 to
2009
% Change from 2007 to 2009
Pioneer Valley Region 608479 0.33 0.46 0.37 39.73% -20.61% 10.93%
Hampden County 456228 0.39 0.56 0.43 42.98% -23.53% 9.34%
Hampshire County 152251 0.13 0.17 0.17 29.47% -2.70% 25.97%
1 Springfield 152,082 0.81 1.10 0.82 35.90% -24.93% 2.03%
2 Chester 1,308 0.86 0.86 0.34 0.00% -60.00% -60.00%
3 Palmer 12,497 0.43 0.70 0.43 65.22% -39.47% 0.00%
4 Brimfield 3,339 0.29 0.64 0.64 125.00% 0.00% 125.00%
5 Plainfield 589 0.00 0.64 0.32 -50.00%
6 Blandford 1,214 0.19 0.57 0.00 200.00% -100.00% -100.00%
7 Pelham 1,403 0.18 0.54 0.00 200.00% -100.00% -100.00%
8 Huntington 2,174 0.32 0.53 0.43 66.67% -20.00% 33.33%
9 Ware 9,707 0.46 0.53 0.65 15.00% 21.74% 40.00%
10 Granville 1,521 0.00 0.50 0.17 -66.67%
11 Monson 8,359 0.31 0.40 0.22 30.00% -46.15% -30.00%
12 Montgomery 654 0.00 0.39 0.00 -100.00%
13 Chesterfield 1,201 0.38 0.38 0.19 0.00% -50.00% -50.00%
14 Holland 2,407 0.84 0.38 0.38 -54.55% 0.00% -54.55%
15 Wales 1,737 0.13 0.38 0.50 200.00% 33.33% 300.00%
16 Goshen 921 0.00 0.37 0.00 -100.00%
17 Holyoke 39,838 0.23 0.31 0.28 34.21% -11.76% 18.42%
18 Southwick 8,835 0.11 0.31 0.28 175.00% -9.09% 150.00%
19 Chicopee 54,653 0.17 0.31 0.22 78.57% -29.33% 26.19%
20 West Springfield 27,899 0.19 0.30 0.24 60.87% -18.92% 30.43%
Municipality Rankings by Foreclosure Rate Cont.Rank
Geography Population2007
Foreclosure Rate
2008 Foreclosure
Rate
2009 Foreclosure
Rate
% Change from 2007 to 2008
% Change from 2008 to
2009
% Change from 2007 to 2009
21 Belchertown 12,968 0.24 0.28 0.24 16.67% -14.29% 0.00%
22 Westfield 40,072 0.12 0.26 0.30 110.53% 15.00% 142.11%
23 Wilbraham 13,473 0.20 0.26 0.14 30.00% -46.15% -30.00%
24 Agawam 28,144 0.12 0.25 0.10 107.14% -58.62% -14.29%
25 East Longmeadow 14,100 0.13 0.22 0.28 71.43% 25.00% 114.29%
26 Cummington 978 0.22 0.22 0.00 0.00% -100.00% -100.00%
27 South Hadley 17,196 0.13 0.22 0.24 66.67% 6.67% 77.78%
28 Williamsburg 2,427 0.19 0.19 0.00 0.00% -100.00% -100.00%
29 Granby 6,132 0.09 0.17 0.17 100.00% 0.00% 100.00%
30 Russell 1,657 0.47 0.16 0.31 -66.67% 100.00% -33.33%
31 Ludlow 21,209 0.17 0.14 0.13 -15.38% -9.09% -23.08%
32 Hatfield 3,249 0.00 0.14 0.00 -100.00%
33 Longmeadow 15,633 0.07 0.12 0.15 75.00% 28.57% 125.00%
34Middlefield/Worthington** 1,812 0.83 0.12 0.24 -85.71% 100.00% -71.43%
35
36 Hampden Town 5,171 0.16 0.11 0.11 -33.33% 0.00% -33.33%
37 Southampton 5,387 0.15 0.10 0.10 -33.33% 0.00% -33.33%
38 Northampton 28,978 0.05 0.09 0.08 83.33% -9.09% 66.67%
39 Easthampton 15,994 0.08 0.06 0.14 -33.33% 150.00% 66.67%
40 Amherst 34,874 0.02 0.04 0.02 100.00% -50.00% 0.00%
41 Tolland 426 0.00 0.00 0.21
42 Hadley 4,793 0.05 0.00 0.26 -100.00% 400.00%
43 Westhampton 1,468 0.00 0.00 0.00
**The towns of Middlefield and Worthington are combined because they share census block groups, which was the geographic level at which demographic data such as population and housing units was combined with foreclosure deeds, making it impossible to allocate an accurate population and housing unit to either town. Thus they are treated as one census geography for the purposes of calculating a foreclosure rate, etc.
For more information, please contact:
Molly Goren-WattsRegional Information & Policy Center Manager
Pioneer Valley Planning Commission413-781-6045
Download a PDF of the report at:www.pvpc.org
