Lowell Deeds

Today the Globe reports that foreclosure filings in Massachusetts for the 2nd quarter of 2006 are up 66% when compared to the same period last year. This story seems to make a greater effort than usual to explain that “foreclosure filings” means the number of Orders of Notice filed with the Land Court and does not necessarily equal the number of properties that are actually foreclosed. Still, the numbers are a significant indicator of continuing problems with real estate. Middlesex County’s rate of foreclosure filings is up 78%, but that only puts it in seventh place among Massachusetts counties: Barnstable is up 129%, Bristol 125%, Suffolk 123%, Essex 107%, Plymouth 106%, and Worcester 87%. As for the Middlesex North District (which would be included in the overall Middlesex County numbers cited above), when the number of Orders of Notice recorded in the second quarter of 2006 (177) is compared to the number recorded during the same period in 2005 (77), it shows a 130% increase in such filings. The number of foreclosure deeds recorded is up nearly as much (16 in 2nd Qtr 2005 vs. 32 in 2nd Qtr 2006). The total number of mortgages recorded continues to slide as well. Looking at the second quarter (April 1 to June 30) for each year since 2003, the total number of mortgages recorded in Middlesex North is as follows: In 2003 there were 12123 mortgages recorded during April, May and June; in 2004, there were only 8285, a drop of 32%; in 2005 the number was down to 6677, a 19% decrease from the prior year; and this year, we’ve seen an 18% decrease, down to 5457.