Lowell Deeds

The latest on real estate recordings and new technology from the Middlesex North Registry of Deeds in Lowell

November 22, 2005

Foreclosures on the Rise?

by @ 3:10 pm. Filed under Real Estate

The legal notice section of last night’s Lowell Sun was larger than usual for it included ten notices of foreclosure sales (there was an eleventh one, but that was for Fitchburg, so we won’t count it). While there always seem to be two or three such notices in the paper, the sheer mass of space occupied by these ten caught my attention. Trying to spot trends or common circumstances, I briefly glanced at our records relating to the subject properties. Though not scientific, here’s what I found. Six of the properties being foreclosed were in Lowell, three were in Westford and one was in another town. Two of the ten properties were acquired in “related transactions” meaning that the purchase price was stated as $1; the others all appeared to be arms-length transactions. Of the eight that paid what appeared to be full price, none of the property owners put much of their own money into the deal. Here are the percentages of the purchase prices that were borrowed: 91%, 95%, 97%, 100%, 100%, 102%, 102%, 156%. Refinancing frequently was another common element. One had 8 mortgages in 9 years, another had 5 mortgages in 11 years, another had 4 mortgages in 4 years, another had 3 in 8 years, another had 2 in 1 year, another had 1 in 3 years and the final one had 2 in 7 years. Based on this small sample, the newer the mortgage, the more likely it will be foreclosed. Of the 10 in last night’s paper, 7 mortgages were recorded in 2004 with one each being recorded in 2002, 2001 and in 2000. We’ll continue watching for trends in foreclosures and will report anything of interest.

Quiz Answers

by @ 2:08 pm. Filed under Pop Culture, History

Thanksgiving Quiz Answers

a. The First Thanksgiving was in 1621, one year after the Pilgrims arrived.
b. Cornucopia originated in Greece
c. FDR established the fourth Thursday as Thanksgiving
d. Thanksgiving in Canada is on the second Monday in October
e. Christopher Jones Captained the Mayflower
f. 102 Pilgrims sailed across the Altantic in the Mayflower…Bonus: about half died the first winter.
g. An Old Tom
h. WamPanoags
i. Americans eat approximately 45 million turkeys on Thankgiving

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