Lowell Deeds

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

June 7, 2007

More on Foreclosures

by @ 11:40 am. Filed under Statistics, Real Estate

In Tuesday’s post, I suggested that the rate of foreclosures may be slowing. This was based on a decline in the number of orders of notice we saw recorded in May. The June stats will be critical in confirming or refuting this trend. I looked a little more closely at the numbers of orders of notice recorded in 2007, broke down the figures by month, and added in registered land documents (because registered land documents are kept in a separate database, we typically report on recorded land documents only, reasoning that all of are stats are used for comparison purposes so as long as we’re comparing just recorded land to just recorded land, the information accurately reflects what’s going on). Here are the monthly order of notice totals for January through May of 2007. January - 56; February - 101; March - 132; April - 113; May - 65. You can see by the drastic drop off from April to May why the May figures caught our attention. The bad news is that if we take the five month total and project it out over the full year, we would end up with 1157 orders of notice, the highest annual total ever and 10% higher than the previous high of 1037 in 1992. To get to that 1157 number, we would have to average 96 orders of notice per month for the rest of 2007. If June has significanly less than 96 (and we’ve recorded 23 thus far in June so we may not be out of the woods yet), it will confirm that the foreclosure rate is indeed slowing.

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