Lowell Deeds

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

May 10, 2006

Foreclosure Explosion

by @ 11:44 am. Filed under Real Estate

A front page story in today’s Globe reported that foreclosure rates increased 30% in the first three months of 2006. This caused me to scrutize the recordings here at Middlesex North. We keep track of the number of Orders of Notice recorded (that’s the first step in the foreclosure process and typically, only about one-third of Orders of Notice result in actual foreclosures). We also track the number of Foreclosure Deeds recorded (these indicate the foreclosure actually took place and the property was sold at foreclosure). Just eighteen weeks into 2006, we’ve already recorded 196 Orders of Notice and 40 Foreclosure Deeds. We’ve recorded 41 Orders of Notice since May 1 - that’s just eight business days ago. If these numbers continue in the same proportion through the rest of 2006, we’re on track to record 560 Orders of Notice and 116 Foreclosure Deeds. We’ve been warning of this for more than a year, but from the activity of just this month, it looks like the bottom is falling out of the housing market.

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