Lowell Deeds

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

March 9, 2007

RE Plunge Continues

by @ 7:45 am. Filed under Statistics, Real Estate

Our recording statistics give no indication that the slide in real estate prices and activity has finished. Quite the opposite is true. Just yesterday, for example, we only recorded 173 documents. Of these, 9 were executions (an order from the court to the sheriff to collect money from a debtor) and 19 were orders of notice (the commencement of a foreclosure). In contrast, only 15 deeds were recorded. The statistics for the first few days of March (the 1st through the 8th) present an equally bleak picture, especially when compared to the same period in 2006. For each of the following document types, the first number is the 2007 total and the second is the 2006 figure: Total documents - 1549 v 1579; Deeds - 132 v 144; Mortgages – 431 v 388; Foreclosure Deeds – 12 v 7; Orders of Notice – 50 v 13; Executions – 22 v 7. What makes these early March numbers especially ominous is that the ratio of “troublesome” documents recorded in 2007 when compared to 2006 is increasing as we get deeper into 2007. For example, the numbers adjacent to the following document types show the number of documents recorded for the period of January 1 to March 8 for 2007 (the first number) and 2006 (the second number) along with their ratio (shown in parenthesis): Foreclosure Deeds – 51 v 24 (2.1 to 1); Orders of Notice – 200 v 66 (3 to 1) and Executions – 110 v 90 (1.2 to 1). Now, if you look at the ratio of March 1 to March 8 for 2007 and 2006, you see a steep increase in the frequency of (some of) these documents being recorded: Orders of Notice are now at a 3.9 to 1 ratio and Executions are at a 3.1 to 1 ratio. One last thing – the folks recording all of these foreclosure related documents tell us they have plenty of work to do in the coming weeks.

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