Lowell Deeds

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

October 27, 2006

Economic Impact of Housing Slump

by @ 9:29 am. Filed under Statistics

Many news outlets report today that US economic growth for the 3rd quarter is the worst in more than three years. Economists lay much of the blame for this slump on the downturn in the housing market. Spending on the construction of new homes in the 3rd quarter dropped 17.4%, the biggest quarterly drop since 1991 when 1st quarter spending on new home construction plunged by 27.7%. While our data doesn’t provide information about home construction, the number of deeds and mortgages recorded this month compared to those recorded in October 2005 show a significant decline. Of course, there are still 2+ days of recording left in this October, so the final figures won’t be as dire, nevertheless, they will indicate a substantial reduction. As of mid-day on Friday, October 27, we have recorded 414 deeds and 1402 mortgages for the month. Last October (for the entire month) we recorded 717 deeds and 2119 mortgages. These figures equate to a 42% decline in the number of deeds recorded and a 34% decline in the number of mortgage recorded. But check back next Tuesday for the final statistics for the month.

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