Lowell Deeds

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

June 5, 2007

Foreclosures Up - but not for long

by @ 6:35 pm. Filed under Statistics, Real Estate

Two documents recorded at the registry allow us to track foreclosure activity. The first is the Order of Notice that comes at the beginning of the process. This document is the first step in the lender obtaining court permission to go forward with the foreclosure. One that permission is granted, the lender schedules and conducts an auction sale of the property. This occurs with no judicial supervision. The high bidder at the auction usually has thirty days to come up with the money for his bid. Once that money is paid over to the lender, the lender conveys the property to the high bidder by a foreclosure deed *which is the second document type related to foreclosures). The Foreclosure Deed is recorded a the tail end of the foreclosure proceeding. To repeat, Orders of Notice come at the beginning (and don’t always end up in foreclosure) while the Foreclosure Deed comes at the end of the process (and means the property has already been auctioned off).

With that process in mind, we can look at just a couple of statistics. In May of 2006, we recorded 78 Orders of Notice but only 8 Foreclosure Deeds. In May of 2007, however, we recorded 65 Orders of Notice and 40 Foreclosure Deeds. While the drastic increase in foreclosure deeds is certainly troublesome, the ratio of foreclosure deeds to orders of notice suggests that fewer houses are reaching the distressed condition that leads to foreclosure.

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