Lowell Deeds

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

May 24, 2007

Globe Reports Foreclosures Down

by @ 5:08 pm. Filed under Statistics, Real Estate

Today’s Boston Globe reports that the number of “foreclosure filings” (by which they mean Orders of Notice) was down in April when compared to March. Despite this news, the story contains a pessimistic tone that suggests this is just a temporary lull. Our own figures for May tend to corroborate these findings, however. From May 1 to May 24, we recorded 36 foreclosure deeds and 50 orders of notice. For the period April 1 to April 24, we recorded 24 foreclosure deeds and 88 orders of notice. A few days ago, I bumped into someone who’s involved in the lender side of the foreclosure business. My source said that contrary to the common practice of only bidding a certain percentage of a property’s value (it used to by 75 to 80% if I remember correctly), many lenders today are bidding 100% of the property’s value at foreclosure sales. I’m not quite sure the reason, but it sounds like they might be trying to defer the appearance of a loss on their books by substituting an asset of equal value (the house) for the non-performing loan.

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